> This is exactly why all these people talking about a “bubble” I think are misguided.

A bubble doesn’t say anything about how useful the underlying technology is. We are in an AI bubble, in the sense that the allocated resources is completely out of line with the underlying businesses. AI companies would literally need the entire world as their TAM, using their services non stop to justify the valuations and level of expenditures we are seeing. What you describe is literally the symptoms of a bubble