People keep calling this a bubble, but that's missing the point. The real game is figuring out which company becomes the dominant force in AI—the one that captures most of the upside. Think Netflix in streaming. Winner takes a massive chunk of value, rest scramble for leftovers. Right now? Google's looking like the front-runner. Their infrastructure, talent density, and compute advantage put them in pole position. Market's not inflated; it's just consolidating around inevitable winners.