Yes, it probably won't be clear until we have the benefit of some hindsight.

One thing I'm inclined to believe though is that the investment being made into compute and research today may not benefit the investors, but it will be net-positive on a longer time scale for the wider populace. A comparison to the internet and the dot-com bubble seems fitting.

And from that perspective I'd also be worried about the bubble bursting before Europe even gets started, as what remains after a bubble would still largely serve the US and China.