I don't think we are in an AI bubble, because it is being heavily used, especially by developers but also it's being used in other sectors that most of us don't know about, but i think for example $IREN (-9,15 %) would be overvalued now and also for example $CRWV (-5,69 %) are having alot of debt, they have negative 6b in cashflow.
I own $NBIS (-5,26 %) but on a low average, so i'm not worried because even if suddenly all AI related stocks crash, it won't reach that average. Plus they raised 4b$ recently, which they would declare in the earning call and also I think if anything happens and AI slows down they can still use the money they get from the other companies they own like Avride, TripleTen, Toloka (also owned by Jeff Bezos) and 28% stake in Clickhouse.
I think we might have some kind of drop maybe next year but no one can time it, it's just important to know what you own. Of course if you own any of the MAG 7, even if they drop they would recover. Also I see AI expanding, even UAE is doing deals with USA to buy $NVDA (-6,14 %) chips, only Europe is somewhat far behind but I think $NBIS (-5,26 %) can tackle that since it's a European company. But because this is expanding even outside of the US, if it's a bubble and a crash happens it would be way worse than the dot-com bubble and the "western" world might lose it's place as leading the world in tech and other sectors, so i don't think anyone wants that..