[superluserdo]

I wouldn't write it off as a bubble, since that usually implies little to no underlying worth. Even if no future technical progress is made, it has still taken a permanent and growing chunk of the use case for conventional web search, which is an $X00bn business.

[thegeomaster]

A bubble doesn't necessarily imply no underlying worth. The dot-com bubble hit legendary proportions, and the same underlying technology (the Internet) now underpins the whole civilization. There is clearly something there, but a bubble has inflated the expectations beyond reason, and the deflation will not be kind on any player still left playing (in the sense of AI winter), not even the actually-valuable companies that found profitable niches.