The first clause of that sentence negates the second.
The investment only makes sense if the the expectation of success * the investment < the payoff of that goal.
If I don't think the major AI labs will succeed, then it's not justified.
I think we probably are in a bubble, but much like housing bubbles in major metro areas, the value is real and so the bubble is on top of that real value vs being 100% synthetic.
IMO it's also clearly wrong, because I think even if you believe most of AI is hype you must see the value that a lot of people are getting from it, like the housing market example I gave.
Appreciate you explaining your perspective!