There is a big chance it is happening now. SpaceX lost almost 50% of its ATH value. It will continue dropping. OpenAI and Anthropic won't be able to raise money but they need to. Things are about to get uglier fast.
I also think this bubble will burst. But what I'm curious about is this: most of these arguments are just unfalsifiable alibis. They're just claims, and I want to know when and how it will burst. Most scenarios are way too vague