If it isn't subsidized, why aren't all those AI companies making huge amounts of profit? Instead they are rapidly burning through the billions, and the money must be going somewhere.
Investing in R&D isn't the same thing as subsidizing something.
Investing in R&D is fine. as long as you are turning a profit somewhere within your company that can support it. If you are not, eventually the end comes. In short, the bubble.
The problem with this view is that that isn't a "bubble". "Eventually" can support quite a while, especially when the investment is increasing revenue over time and the unit economics look good. The timeline point cuts both ways, and none of that is a subsidy.