Sure, bubble and debt but looks a bit more complicated then typical market crash and and following burst. llm+ is a realy usefull technology and, especially, people will not want it go away :) So token will still be sold, gfx will be bought, probably some buyouts and merges...

I don't know anything about finances but: a) Wall Street is full of emotions and should have less influence of over economy; and b) pension funds didn't buy yet much ? IPOs are ongoing badly, prices are correcting ?

Also datacenter didn't really started.