There's an AI bubble, but it's very clearly not the same as the dot com bubble or the housing bubble. The common thread on both of those was that too many people/companies had no chance in hell of returning either profits or the money lent to them to buy houses. We are not there yet, the AI bubble/euphoria is funded by the biggest cash printing companies in history. Even with ludicrous investing, their cash flow has only now and this barely gone negative. And the demand is still there. We have some ways to go with this.