On that we're in agreement. I just contend that the speculation is overvaluing the reality.
Just like with EV's. I own an EV. It suits my needs for most of my driving and saves me a ton of gas and works well with my solar providing most of the power my home needs, including charging my EV. Thus, there's a market for EV's. But I think we can all agree that EV's were overhyped and all investment items based on EV popularity was overpriced. For most people an EV wouldn't be as efficient a vehicle as it is for me and not worth the cost.
I completely agree. It is hard to keep a grasp on reality when the demand for AI-related good and services (chips, data centers, fabrication, software, etc.) is through the roof and growing exponentially.