There's a bubble in talk of an "AI bubble." The phrase "AI bubble" appeared in 42 earnings calls and investor conference transcripts between October and December — a 740% increase from the previous quarter, according to an AlphaSense analysis. In the third quarter of 2025, five transcripts mentioned the term. The quarter before that, four. For all of 2024, executives and analysts used the phrase in 24 transcripts total. In 2023, it was nine. (The analysis counted transcripts where "AI" and "