After using it a bit I’m convinced it’s not, as a whole, a bubble.
Bubbles exist around it. Data center construction may end up overbuilding, much like the dark fiber thing during dot.com, since better chips and models will shrink power and space requirements over time.
But the core tech is the most powerful new thing I have seen since discovering the Internet, at least. Maybe more.
A bubble doesn’t mean a technology is useless. It just means it’s overvalued
In the last 30 years, we’ve had multiple bubbles in the tech industry. Every one of them was backed by real stuff that we still use today. They were still bubbles and a ton of people were hurt when they popped.