Is the artificial intelligence boom a bubble? There are growing reasons to argue it is: Valuations of AI companies dwarf their revenues, the cost of investment in chips and data centers remains exorbitant, and there are fears that some firms are self-dealing and artificially pumping the growth of the industry. On the other hand, the companies investing in AI are by far the world’s most profitable, and their advocates argue that those firms will transform our economies and how we think about the