Absolute bubble for the datacenter middlemen and the AI software behemoth models that need data centers. The hardware companies though, and AI/LLMs overall, are here to stay and even if they waste some of their profits on investing in middlemen/datacenter/software customers, they can be profitable by inflating costs of their GPUs/hardware.

GPU depreciation matters, but tends to be relatively slow due to controlled incrementalism in hardware. Still, the high end faces the most risk, and Huawei/Alibaba won't be satisfied with small share gains over Nvidia to keep pricing gains. Even AMD is improving software stack fast enough to make affordable private AI. The low end has signficant disruption potential to the fossil powered datacenter/Skynet model.

It's not just an overall stock market bubble, it is a US GDP bubble. Where datacenter growth $ is larger than consumer spending growth $. Skynet for Israel control spending is an unstoppable corruption vector, and yes the champions of Israel must be financed and supported as geniuses by all media or "China and Iran will win."