Essentially: "if the AI bubble is a bubble, it’s more likely an infrastructure bubble."

Yep, Nvidia 2025 = Cisco Systems 1999.

AI tech itself is not a bubble, it will endure and achieve greatness.

But CSCO stock fell 90% from dot-com peak to crash bottom, and one can reasonably expect according to facts presented in this excellent article that NVDA stock price to likewise crash - whenever the last margin buyer is exhausted.