> The reality is that the adoption is incredibly fast and that revenues of the AI labs are like doubling by the quarter.

They’re still losing gigantic amounts of money. Whether that is because they’re “flooring it” as it were and growth will eventually catch up, or because the business idea is fundamentally flawed and just temporarily alive because of investor risk appetite, is the fundamental question underpinning whether it’s a bubble or not, and nobody knows the answer to that question for sure. That’s how bubbles work.