Calling this an “AI bubble” reads like pure sour grapes from folks who missed the adoption curve. Real teams are already banking gains - code velocity up, ticket resolution times down, and marketing lift from AI-assisted creative while capex always precedes revenue in platform shifts (see cloud 2010, smartphones 2007). The “costs don’t match cash flow” trope ignores lagging enterprise procurement cycles and the rapid glide path of unit economics as models, inference, and hardware efficiency improve. Habit formation is the moat: once workers rely on AI copilots, those workflows harden into paid seats and platform lock-in. We’re not watching a bubble pop; we’re watching infrastructure being laid for the next decade of products.