What even is the AI bubble?

What even is the AI bubble? Everyone in tech agrees we're in a bubble. They just can't agree on what it looks like -- or what happens when it pops. In July, a widely cited MIT study claimed that 95% of organizations that invested in generative AI were getting "zero return." While the study itself was more nuanced than the headlines, for many it still felt like the first hard data point confirming what skeptics had muttered for months: Hype around AI might be outpacing reality. Then, in August, OpenAI CEO Sam Altman said what everyone in Silicon Valley had been whispering.