It's clearly a bubble. I'm not sure why more people don't describe it that way. It's a gold rush. People are hoping that everyone else drops out before they do. Nobody thinks all the participants can win. At best one of them can take a small fraction of $6T.

The magic is that some of them will get some not-trivial fraction of that $6T. Feels like the .com boom all over again - most of these companies won’t make it, but the few that do are going to be FAANG level monsters. All the investors want a slice of that.