I think any comment about an AI bubble needs to start by defining who the players are and how it affects them differently.

AI foundries, Nvidia, the hyperscalers, enterprise buyers of AI, consumers, the US, China, the rest of the world, startups, investors, FOSS, students, teachers, coders, lawyers, publishers, artists... each stand to win or lose in profoundly different ways.

Otherwise we all end up talking past each other.