I think we are actually in two bubbles -- see sibling thread: https://news.ycombinator.com/item?id=46211400 -- 1) AI infra + hyperscalers, and 2) pure-play AI company / startup valuations.

My take is only the second one will pop and cause a temporary deflation in the first one, and the GPU depreciation story is going to influence when it happens, how painful it will be, and how long it will last.

However, I'm convinced this will be a temporary blip. By all the data points I can find -- academic studies, quarterly earnings, government reports, industry surveys, not to mention my daily experiences with AI -- the AI growth story looks very real and very unstoppable. To the extent I'm concerned for my kids' prospects when they say they're interested in software engineering!