But as the bubble talk ratcheted up, I noticed few were analyzing precisely how AI is a bubble, what that really means, and what the implications are. After all, it’s not enough to say that speculation is rampant, which is clear enough, or even that there’s now 17 times as much investment in AI as there was in internet companies before the dotcom bust. Yes, we have unprecedented levels of market concentration; yes, on paper, Nvidia has been, at times, valued at almost as much as Canada’s entire economy. But it could, theoretically, still be the case that the world decides AI is worth all that investment.