A bubble, like the housing bubble, involved people overpaying for things whose value became disconnected from reality. With AI, I'm aware of 0 people paying for an AI subscription against their will. Some people gravitate to cheaper models, some have no qualms paying SOTA prices. But regardless, I don't believe people in either camp would claim they're overpaying for something whose value has become disconnected from reality. On the contrary, the price of intelligence is rapidly decreasing.