Stop calling it 'The AI bubble': It's actually multiple bubbles, each with a different expiration date

It’s the question on everyone’s minds and lips: Are we in an AI bubble?It's the wrong question. The real question is: Which AI bubble are we in, and when will each one burst?The debate over whether AI represents a transformative technology or an economic time bomb has reached a fever pitch. Even tech leaders like Meta CEO Mark Zuckerberg have acknowledged evidence of an unstable financial bubble forming around AI. OpenAI CEO Sam Altman and Microsoft co-founder Bill Gates see clear bubble dynamics: overexcited investors, frothy valuations and plenty of doomed projects — but they still believe AI will ultimately transform the economy.But treating "AI" as a single monolithic entity destined for a uniform collapse is fundamentally misguided.  The AI ecosystem is actually three distinct layers,