which doesn't mean it's not a bubble
a bubble is a over valuation of a industry sector
it isn't a "it has no use at all"
it's a "the use as big as assumed", "the use isn't worth the money invested in it" etc.
and so far that's the trend with AI, it has use, you can make money with it, but not _enough_
But there is just that much money you can get from people for the services OpenAI is currently usable/used for. Some (e.g. search, generating shopping lists, grammar correction) of which people expect to be cheap or even fully free and some (coding assistance) which involve other companies in the value chain.
Add circular money deals to that.
And it's very clearly a bubble.
But if you can drag out a bubble long enough you might be able to largely fill it up before it pops.
Through with how confidence in AI is moving + the general world economical situation I wouldn't bet on it.