AI definitely doesn't have a bubble. What has a bubble is beer. I'd rather call it overheated AIDC investment and construction. Because nobody wants to fall behind in the Fourth Industrial Revolution. After all, global internet companies, governments, and capital are all heavily investing in and building AI. Are we all fools investing in a bubble? However, this overheated investment in AI infrastructure has led to a surge in hardware prices, violating Moore's Law. Performance improvements are limited, while prices have skyrocketed. In terms of labor efficiency improvements, global programmer salaries are roughly $2 trillion. A 10% reduction would result in $200 billion in savings. OpenAI and ANT's combined ARR doesn't even reach $200 billion. This doesn't even include efficiency improvements in pharmaceuticals, clerical work, film, and other fields. In 1860, the American Civil War broke out to compete for enslaved labor. At that time, the US had a population of 31 million, with over 5 million farmers. The widespread adoption of agricultural mechanization and large-scale farming in the United States, with a population of 340 million, has made it the world's largest exporter of agricultural products with only over 3 million farmers. AI has no bubble; like the advent of tractors, it will only make the world more efficient.