Three AI Bubbles, Not One

The article splits 'the AI bubble' into three types: a speculative asset bubble, an infrastructure overbuild bubble, and a hype bubble. It argues that even if valuations correct, firms solving real problems with today’s tech will still win, as in the dot‑com era. — This framing sharpens public and investor debates by distinguishing financial froth from long‑lived infrastructure bets and narrative hype.