I think there are these technological problems, many that overlap with AI, that a lot of politically powerful people want to come to fruition to enable the World Economic Forum lauded "Fourth Industrial Revolution" [1] and they are willing to invest insane amounts of money in them without expecting much of a return, thus creating really big p/e ratios. Examples include:
1. Self-driving cars. The ultimate being no steering wheel and carefully software controlled and permissioned as to where you are allowed to go.
2. AI powered Body monitoring devices (e.g Fitbit) that can be used to biologically monitor millions of consumers body states and functions.
3. Any new kind of surveillance technology. Miracle mass surveillance is something that's really interesting to this market.
4. Large centralized social media networks that aggressively moderate content with AI.
5. Various kinds of transhumanist biotech that design all sorts of biotech stuff with AI. What the heck is Calico up to anyway?
6. Blockchain stuff. AI enabled or otherwise.
They are also interested in environment tech like any kind of alternative energy, no matter how speculative or impractical and fake meat, but I digress.
So I would guess the bubble is the WEF crowd and friends with absurd amounts of money trying to make their future, for good or ill, a reality and investing without much regard for the economics of the project.
[1]https://www.weforum.org/agenda/2016/01/what-is-the-fourth-in...