The funny thing about people who say it’s not a bubble because AI has value is that the asset category having value doesn’t prevent valuation bubbles from forming.

Houses have value: you can live in them. Yet there was a housing bubble.

The internet has value: you can watch cat videos on it. Yet there was a dot com bubble.

Tulip bulbs have value: you can grow pretty flowers with them. Yet there was a tulip bulb bubble.

In my experience, whenever you start reading news stories asking if something is a bubble and quoting investment bankers say, “no, it’s not a bubble,” well, usually it’s a bubble.