Is AI a Bubble?
The short answer
AI shows several bubble-like signals: high valuations, heavy infrastructure spending, intense media attention, and uncertain long-term margins. It also has real demand, real revenue, and strategic importance. The better question is not whether AI matters, but which parts of the market are priced beyond visible fundamentals.
What to watch
The most important signals are revenue durability, customer retention, GPU infrastructure returns, private-market valuations, and whether AI products reduce costs or create measurable revenue for customers.