The real question is not whether this is a bubble since as you mentioned even if AI settles into a somewhat useful semi-mainstream tech, there is no way any of the likely outcomes can justify this level of investment.
The real question is what are we gonna do with all this cheap GPU compute when the bubble pops! Will high def game streaming finally have its time to shine? Will VFX outsource all of its render to the cloud? Will it meet the VR/AR hardware improvements in time to finally push the tech mainstream? Will it all just get re-routed back to crypto? Will someone come up with a more useful application of GPU compute?
The real question is what are we gonna do with all this cheap GPU compute when the bubble pops! Will high def game streaming finally have its time to shine? Will VFX outsource all of its render to the cloud? Will it meet the VR/AR hardware improvements in time to finally push the tech mainstream? Will it all just get re-routed back to crypto? Will someone come up with a more useful application of GPU compute?