No, it's not. GPUs deliver value, real value, compute is the new oil(tm).

But also, it is. You can resell them.

I find it mind boggling that either AI is a bubble or AI is the next industrial revolution and no other options can be considered because reasons(tm).

Token costs are dropping, yes they are, but how much of that is better software and algorithms vs better hardware and that's too galaxy brain for the simpletons trying to predict what's next.

So what's next? IMO more tokens and lots of disappointment that more tokens alone neither cures cancer nor brings the apocalypse and further waves of innovation. AI continues apace.