IMO there seems to be more consensus among even the biggest hypemen that this is a bubble. But to protect their bag (and their LP money) they have to find some way that the silly investments they made weren't totally irresponsible.

So here's the line of thinking we'll see more of:

"Yes it's a bubble, but so were the railroads, and yet plenty of people made out big time! The railroads themselves were left over and hugely valuable!"

Then the slightly more astute observer would say, well hold on, that's not quite analogous because the depreciation on AI buildout is way faster than in railroads.

Then the even more astute observer would say, even that downplays the stupidity: the actual value creation from railroads was in the land itself.

There is no analogous dynamic in AI-land, and so will probably be far more broadly catastrophic to the bubble blowers.