Even if AGI is just around the corner and we'll get all the AI advancements promised, this is still a bubble
It's a bubble because the vast majority of spending is being done on data centers, which are not really required. I can easily run a LLM on my local machine. Deepseek can run reasonably well on a modern smartphone
There is no way AI companies are going to recoup the trillions spent on data centers. People simply aren't willing to pay that much, and if we can get similar results from open source models running on our local devices, people will do that