Circularly passing around tens to hundreds of billions of dollars for things which don't exist and may never exist to fund a technology that hasn't A. lived up to the hype they've marketed and B. proven any strategy to breakeven is fundamentally not that much different than the way in which Enron strategically boasted their revenue numbers by passing the money between shell corporations that their CFO created.
The main difference of course being that these are actual companies as opposed to just entities intently designed to inflate the apparent financials. While it seems like that difference means this situation is perfectly fine as compared with the fraudulent case of Enron, the net effect is still the same; these companies are posting crazy quarter over quarter revenue growth, sending their stock prices to crazy highs and P/E multiples, while the insiders are cashing out to the tunes of hundreds of millions of dollars.
I don't really see how exactly you're trying to make the argument that it may or may not be a bubble, it objectively meets the definition of a bubble in the traditional economic sense (when an asset's market price surges significantly above its intrinsic value, driven by speculative behavior rather than fundamental factors). These companies are massively overvalued on the speculative value of AI, despite AI having not yet shown much economic viability for actual profit (not just revenue).
Worse yet, it's not just one company with inflated numbers, it's pretty much the entire top end of the market. To compare it to the dot com bubble wouldn't be a stretch, it'd basically be apples to apples as far as I see it.
The main difference of course being that these are actual companies as opposed to just entities intently designed to inflate the apparent financials. While it seems like that difference means this situation is perfectly fine as compared with the fraudulent case of Enron, the net effect is still the same; these companies are posting crazy quarter over quarter revenue growth, sending their stock prices to crazy highs and P/E multiples, while the insiders are cashing out to the tunes of hundreds of millions of dollars.
I don't really see how exactly you're trying to make the argument that it may or may not be a bubble, it objectively meets the definition of a bubble in the traditional economic sense (when an asset's market price surges significantly above its intrinsic value, driven by speculative behavior rather than fundamental factors). These companies are massively overvalued on the speculative value of AI, despite AI having not yet shown much economic viability for actual profit (not just revenue).
Worse yet, it's not just one company with inflated numbers, it's pretty much the entire top end of the market. To compare it to the dot com bubble wouldn't be a stretch, it'd basically be apples to apples as far as I see it.