I don't think "the bubble is at risk of popping" and "hype is cooling down" are equivalent evaluations. By the time people start pulling out money, that is the bubble popping, and I don't think that would happen on a slow ramp but rather en masse.

You are right, one might happen before the other one. However it's impossible to measure when the bubble might pop, whereas looking at how much money hyperscalers and governments put into this might provide a quantitative metric.