I wouldn't necessarily call it a bubble. There has been a breakthrough in AI recently, and now we see the new companies following that. Of course, 95% or so will fail, and the invested money is gone, but that happens basically with every new technology shift. From my point of view, what is needed for a real investment bubble is that the investors are not aware that there is a high failure rate of AI startups, but I don't think that is the case here.

For comparison, in case of the crypto bubble, there's really a huge community that thinks BTC or other cryptos will go "to the moon" and they seem to be immune to common investing fundamentals.