But unlike the dot com boom, demand for tokens has not let up and there is increasing demand. I don’t know where it falls, certainly companies don’t get or right and they either over or under build. With the current demand rate changes it’s hard to understand why you would stop building today.

Demands for tokens exists yes. On one side you have huge demand for the infinitely subsidized tokens so that people can post a "unique" illustration when posting on social media, along with the text itself even.

On the other end we have professionals happy to pay a subscription for heavier use, to build something in the hope to sell it.

I figured I don't believe in value when my dad explained to me his mate fired his team once he realised he could just pay 20 bucks for his Gemini account and run his business. I asked, do you call this value add? He said it must be, since he can produce the same output with no staff.

There is a confusion between profiting from a circumstance and value creation.

You create value if, say, you cure a disease. That it takes you an army of staff or extract maximum profit from it is just a feasibility formula.

That you make the cure more affordable is value creation.

That you cure the same disease but increase your profit doesn't create any value, except to yourself, for a while

Yeah, this is the difference.

2000's tech bubble was caused among other things over-investment to infrastructure and technology that had no users yet.

Totally different setup.

Does not mean AI boom will not turn to bust, but weak analogues generally don't help with understanding complex systems.