Last night during the sharing, my view was that AI has no bubble.

But this bubble refers to the industry bubble.
In a low-growth era, capital will be distributed extremely unevenly, and high-growth assets that can be invested in are highly scarce.
This is the essence.
AI's super valuation is not an innovation or breakthrough in a specific field, but a source of productivity growth based on infrastructure.
Therefore, this will again create a self-reinforcing cycle of liquidity.
So, often what appears to be a bubble is linked to the current financial system and growth challenges.
After the global money supply exceeds, the scale of funds becomes increasingly large, but this instead leads to: assets that can accommodate large-scale capital and tell growth stories are actually becoming fewer.
As a result, the certainty of growth in AI will naturally receive far greater premiums than before.
For example, the US dollar, in the traditional sense of a bubble, is the biggest bubble and Ponzi scheme in the world, but it still hasn't collapsed.
Because there are no alternatives, no better options.
The same applies to AI. After AI arrives, you have no better options.