Powell – unlike the dotcom boom, AI spending isn't a bubble

What would actually cause the bubble to pop?

The bubble will pop if/when credit markets stop providing new money. They would do that if they just run out of money to lend or they decide that AGI is impossible.

investors dry up, prompted by a scandal (or not)

or someone figures out how to do AI at 1/100000th the CPU/memory on the edge

a company or two collapses

all the other companies now back way off

now the bubble is popped

AI returns 5-15 year later