I think this bubble makes sense. Any investor who believes AI is the future--that is, that AI will disrupt entire industries and replace labor in quite a few ways--must have a slice of the AI pie. They know full well that most of their AI investments will go bust, but that doesn't matter as long as they have a significant piece of one of the few companies left standing when the bubble bursts. So they take shots at anything that looks like it could be one of those survivors. When it all pops, they will have some of the winners and they will write off the losers.
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