Wouldn't clear overvaluation fit to term of bubble? And well if these companies are simply burning chunk of their profits and nothing turns out, wouldn't that affect their valuations? Like wouldn't any traditional company that just wasted good chunk of profits it made be valued at lower market price at somepoint?
And then you get to Nvidia. Which to me looks like clear case where price must correct if their profit drop due to demand dropping.
So even if there is no "pop", there will likely be a deflation and at these valuations even that will have impacts.