A technology's long term value has absolutely zero relationship to whether there is a bubble at any moment. Real estate has had many bubbles. That doesn't mean real estate is worthless, or that it won't appreciate.

Two propositions that can both be true, and which I believe ARE both true:

1. AI is going to change the world and eat many industries to an even greater degree than software did

2. Today, AI is often over-hyped and some combo of grifters, the naive, and gamblers are driving a bubble that will pop at some point