The impetus is that 90% of our country is in recession and the rest are soon to follow. Delinquencies are rising fast and not just in subprime. Layoffs are at levels not seen since 2008. Crypto, tech stocks and many housing markets have already peaked or are already in bear markets. The crash is here and it's inevitably going to get worse.

I’m not seeing delinquency increases or values close to .com or ‘08 on this (https://fred.stlouisfed.org/series/DRALACBN) or more specific series

all true - but none of this is actually “ai bubble”