To determine whether AI is a bubble with the most definitive method, look at one hard indicator: the “unplug test” for the real economy.

If an AI supply cut only makes employees complain that the PPTs are hard to write, then the thousands of billions in computing power burned in Silicon Valley will ultimately turn into bad debt;
If pulling the plug directly causes production lines to stall and risk management to stand still, then that is the real revolution.
In one sentence, any AI that cannot become an enterprise “rigid cost” is just swimming naked.