Personally, I think everyone has realized there is a huge bubble, especially the C-levels who've sunk huge amounts of money into it, and now they are all quietly panicking and trying to find ways to mitigate the damage when it finally busts. Some are probably sticking their head in the sand and hoping that they can just keep the scheme going indefinitely, but I get a real sense that the bubble is very much explicitly recognized by many of them.
Personally, I think everyone has realized there is a huge bubble, especially the C-levels who've sunk huge amounts of money into it, and now they are all quietly panicking and trying to find ways to mitigate the damage when it finally busts. Some are probably sticking their head in the sand and hoping that they can just keep the scheme going indefinitely, but I get a real sense that the bubble is very much explicitly recognized by many of them.