If we're in an AI bubble, why doesn't it feel like we're in an AI bubble?

Are we in an AI bubble? On the one hand, lots of people think we're in an AI bubble. Including Sam Altman, whose OpenAI may be the single largest cause, and beneficiary, of the AI bubble. On the other hand … vibes? By which I mean: I've been in bubbles before. On paper, this most definitely reads like …