Exactly.

The article of course is focused on nVidia which is making money (unlike the dot com businesses) but the 'bubbleness' will happen if AI startups that aren't making money go public anyway. If there isn't a way to get retail investors involved then just the rich people will get fleeced.

That said, it was interesting to watch the nVidia recovery from the bitcoin miner demand dropoff. One hopes they would react quickly and effectively when the bubble bursts and demand for tensor chips drops by 16 to 20dB.