Looks like we might be witnessing a textbook cycle of self-fulfilling prophecy in the making. As the article suggests, once large investors and institutions start calling this an “AI bubble,” the narrative alone can drive more capital, inflating valuations further just because everyone expects growth. When price → expectation → price becomes the dominant feedback loop, fundamentals matter less.

That kind of reflexivity has powered past bubbles. George Soros’ reflexivity thesis applies: rising prices attract more investment, which inflates prices further, until reality forces a reset. If many AI-related companies can’t quickly deliver expected growth, the eventual correction could be sharp.

In short: hype begets cash, cash begets price, price begets more hype, and at that point, we’re no longer betting on value, we’re betting on the belief itself.