I think you can argue that AI is going to explode and take over the economy, and it’s still a bubble.

I think one possible route is that cloud capacity just becomes totally commoditized and none of the hyperscalers will be able to extract the kinds of profit margins that would allow them to make a good return on their investment (model makers will fall victim to this too). Ultimately, what may happen is that market competition for everything explodes since AI and robots can do all the work, prices for everything (goods, services, assets) collapses, and no one is really any richer than anyone else.

AI being a bubble it's not mutually exclusive of being a real and useful technology and the existence of non-snake oil companies.

Cisco was a bubble in the dot com crash, despite being a company that provide real value and profit, just not at the level of the crazy expectations from the time.

They won’t. They’ll just casually fade away from prior statements. Just like all the software engineers whose first take was that it’s just autocomplete.