We must disagree on what a bubble is or whether AI is a bubble, because what you're saying seem nonsensical to me.

Demand for AI will slowly grow, but the insane prices for components will come down because what is driving those prices is speculation about future growth, not actual current, near- or even medium-term demmand.

Another thing to consider is that AI infrastructure is barely infrastructure at all--you have to buy new GPUs every 5-or-so years, at a tremendous cost. If you build a data center, they, in a sane world, those GPUS need to pay for themselves before the next batch of GPUs comes in.

There really is no reason to go nuts building temporary infrastructure when the price is at its peak. Please, I'm begging you, start making sense.