I'm not sure if there's an AI bubble, but right now I think the "no bubble" side has stronger arguments. People are betting that AI revenues are going to go up a lot over the next couple of years and that seems plausible to me.

The arguments that hyperscalars are engaging in financial shenanigans seems extremely weak to me. I wonder if the people complaining about GPU depreciation have even bothered to look up how much 5-year-old Nvidia chips are worth (it's very much not zero).

I do think it's reasonable for people to be skeptical of startups like Thinking Machines. But we had WeWork and Juicero in the mid-2010s and in retrospect we don't think that was a bubble. People just made some bad investments.