> The bubble may still burst. That would validate the bubble thesis. It would not retroactively fix the prediction record.

If it does not burst it will be because specific efforts have been taken to deflate it in the face of concerns like those he is raising.

The bubble may not burst for example if the securitization of AI debt really happens. Then when it happens it won't be an "AI bubble" that bursts, it will be a full-on collapse of the US economy. Like when 2008 happened it wasn't really about mortgages anymore.