There are numerous warnings about an upcoming AI bubble burst. Were there also this many concerns about the dot-com bubble before it burst?

Not every business plan is successful. In particular the business plans, “Like X, but on the internet” and “Like Y, only with AI” are particularly fraught. I also like “If you build it, they will come.” The thing that creates a bubble is too many instances of brainless business plans.

There isn’t really a profitable business model for the current level of AI yet. People reckon AI will get to science fiction levels of capability by the time they get their data centers built out a couple years from now. They don’t want to get left behind if it actually happens. But that’s an extremely speculative bet. If you made AI chips before the AI boom like Nvidia, or owned a construction company that builds data centers, you were well positioned to make money whether it works out or not. But you had to already be there. All that’s left are the speculative bets. I guess that is another sign of a bubble.