Yeah - no doubt on the eventual productivity gains due to AI/ML (which are real, of course, just like the real gains due to telecom infra buildup), but must an economy go through a bubble first to realize these productivity gains??

It appears that the answer is "more likely yes than not".

Counting some examples:

- self driving / autonomous vehicles (seeing real deployments now with Waymo, but 99% deployment still ahead; meanwhile, $$$ billions of value destroyed in the last 10-15 years with so many startups running out of money, getting acquihired, etc)

- Humanoid robots... (potential bubble?? I don't know of a single commercial deployment today that is worth any solid revenues, but companies keep getting funded left / right)

Happened with the electrical grid too.

I think you make a very interesting observation about these bubbles potentially being an inherent part of new technology expansion.

It makes sense too from a human behavior perspective. Whenever there are massive wins to be had, speculation will run rampant. Everyone wants to be the winner, but only a small fraction will actually win.