There are signs that we are, and are not, in an AI bubble.

Compared to the dotcom boom, firms are well positioned in terms of capital - they have revenue and profits.

However, there's still the absurd speculative valuations, risk, and high expenditure (on said data centres). Also, Andrew Bailey from the Bank of England, personal opinion - https://www.bbc.co.uk/news/articles/cv8e30enrkxyo