The usual argument is that the tech leaders are saying that only because they've invested in AI.

...Like, you don't say? If one truly believes AI is inevitable than of course they're going to put money in AI.

I wonder how many people who claim we're in an AI bubble actually short AI stocks and $NVDA. Or they'd just stutter "uh you know the market can stay irrational longer than we can stay solvent..." when asked.

There's no doubt that LLMs are useful and will generate some productivity. The hype raises them to the silver bullet tech though. This inevitably creates a bubble that it will pop at some point. People who see signs of bubble don't short because they are lacking on details as to when exactly this will happen.