There's been a lot of chatter lately about whether we're riding an AI bubble. But here's the thing: the fundamentals don't really support that thesis.

Yeah, valuations have climbed. Yeah, the hype machine is running at full throttle. But that's not the same as being in a bubble. The difference matters.

When you look at what AI is actually delivering—productivity gains, automation breakthroughs, real business outcomes—there's meat on the bone here. Companies aren't throwing money at AI just because it's trendy. They're seeing concrete ROI.

Compare this to past cycles. Dot-com? Overvaluation with no real revenue model. 2017 crypto mania? Most projects had no utility to speak of. AI is different. It's solving actual problems across industries.

Now, does that mean every AI stock will moon? Nope. There'll be winners and losers, and valuation corrections will definitely happen. But saying the entire sector is a bubble? That's ignoring the reality of what's being built.

The market will rationalize eventually. But the underlying technology adoption? That's just getting started.