> It is widely accepted that there is an AI bubble in the financial markets at the moment

No its not. No one serious truly believes

1. AI is going away

2. its obvious that the total market cap of AI related stocks will go down more than 60-70%

Its obviously true that there are some related AI companies that will go bust as with any new technology. And its also true that the rise won't be monotonic.

What we instead get is perpetually pushed timelines for the bubbles and a religious belief that the end will come and people would pay for it.

To drive my point further, I ask for a single metric you would like to see that should be a certain way for you to believe it is not a bubble. Should the revenues have been 2x higher? Should the costs be 3x lower? Anything?