Yes, but that doesn't mean they aren't finding real value

The challenge with the bubble/not bubble framing is the question of long term value.

If the labs stopped spending money today, they would recoup their costs. Quickly.

There are possible risks (could prices go to zero because of a loss leader?), but I think anthropic and OpenAI are both sufficiently differentiated that they would be profitable/extremely successful companies by all accounts if they stopped spending today.

So the question is: at what point does any of this stop being true?