Timing a bubble pop is notoriously difficult.

I think one thing that's helping people hang on to delusion is the scarcity of real information. For instance, it's prefectly possible that 2/3rds of NVIDIA GPUS purchased for data centers are just sitting in a warehouse somewhere, uninstalled. But that's just a guess based on available data, but we can't know for sure.

I think with Anthropic and OpenAI's upcoming IPOs, we're going to get a lot of information that will eventually filter through the slavish business press and into public consciousness as facts instead of opinions.