> There is a very large cohort of reasonably well educated and articulate humans who are having problems processing this situation in some deep way that has them in denial and constantly insisting there is a massive bubble or something fraudulent or broken, of course there probably will be to a certain extent, some overshooting. and they will claim “see we were right” but even if that happens there is incredible rapid progress that is real, tangible, backed by real money and spending, and real productivity.

While you are right, I think the elephant in the room is that they are rightly concerned about the ethical issues, namely the ecological and economic impacts.