AI is a bubble driven by hyper-rich corporations rather than small investors, which may make it longer lasting but no less painful when it pops.

Yet the AI bubble is no ordinary bubble. Hyper-rich corporations are stoking it, rather than kitchen-table investors. They’re blowing it up when credit is fairly expensive, not dirt cheap. That might make the bubble less fragile and longer lasting than those of the past. But it won’t make it any less painful when it pops.