The tech billionaire Hemant Taneja admits that AI is a bubble. In fact, he welcomes it: “Bubbles are good,” Taneja, the CEO of General Catalyst, a venture-capital firm, told me in an email. If AI comes crashing down, it will lead to “some spectacular failures,” he said—companies will go under and people will lose their jobs—but that’s a price tag worth paying for “enduring companies that change the world forever.” His view is widespread in Silicon Valley. Some, such as Nvidia CEO Jensen Huang,