[mergy]

Okay - that is too extreme of a "bubble" definition for me. False dilemma.

So, then, I guess, nothing is a bubble for you. For me, a more reasonable definition is a large build-up of capital that, at some point, snaps or pops, then sits at a level much lower than the original.

If you take something like that approach of the "bubble" then you can have a more charitable discussion. The AI bubble discussion then is about if the current levels of investment and capital being dumped into AI will stay at the same levels or have a more dramatic dip to be more of the future run-rate, then you can see how people see the parallels of other "bubbles" and actually have more of a discussion I think.

My sense is most view this concept of the "bubble" as the assumption.