Journalists usually would be wise to abstain from debating whether a resource or technology is overvalued. I have no strong opinion on whether we’re in an AI bubble, but I wonder if the question may be too narrow. If you define a speculative bubble as any phenomenon where the worth of a certain asset rises unsustainably beyond a definable fundamental value, then bubbles are pretty much everywhere you look. And they seem to be inflating and deflating in lockstep.