OpenAI CEO Sam Altman believes that, given all the AI hype from investors and the subsequent capital expenditure, that we're current in an AI bubble, which he revealed during a conversation with The Verge,

Many fears of an AI bubble had hit a fever pitch at the start of this year when Chinese start-up DeepSeek released a competitive reasoning model.

In the real world, bubbles delight because they reflect their surroundings. But the bubble Altman described could be one doesn't show the face of its observer.