Right, which is a distinction that matters if you have a sensible view of what it means to be in a bubble.

But many people talking about AI being a bubble aren't trying to figure out which ticker is going to win in the long run, they're trying to convey a belief that AI is bogus altogether.

There's widespread agreement that nobody knows whether the AI valuations we see are right. What I'm saying is tiring is people who confuse that idea with an indictment of the technology.