I don’t think all the companies you’ve mentioned are in a bubble territory. Even without AI some of these companies have a good source of revenue. However some

I don’t think all the companies you’ve mentioned are in a bubble territory. Even without AI some of these companies have a good source of revenue. However some are over valued. As an example Google is a company with a lot of products and diversified revenue streams. Last year the revenue was around 350 Billion and the ratio of price to earnings was around 17. But if you take Nvidia, their main product is GPUs and last year the revenue was around 190 Billions, but the price to earnings ratio is 33. Both companies have around 100 Billion net revenue. However, let’s say the demand for AI is dropped or disrupted, Nvdia would be vastly overvalued because they sell only one product and now the demand dropped for it and won’t have the same revenue moving forward. But Google would survive because their revenue is diversified. We don’t know any official revenue to expenditures on Anthropic or OpenAI. They have to publish them when going public and then only we would have a good idea how profitable or growth opportunity AI actually have and that would be a deciding point stock market