问HN：是什么让人工智能成为泡沫？
很多人似乎理所当然地认为，人工智能泡沫将会“破裂”，导致人工智能公司从当前的高峰中大幅贬值。然而，我感到困惑的是，当前人工智能的估值为何会被视为泡沫。
泡沫通常出现在未来的投机超越了生产力的情况下：最终某种现实的出现使市场不再相信这种未来的投机，导致贬值并引发大规模抛售。然而，目前的人工智能公司收入非常高，并且增长速度极快。它们的估值是有实际商业基础的。我无法想象会有泡沫的空间，因为市场的现状以及对人工智能需求如此之高的原因都非常明确。
当然，我可以想象某些特定公司会失去大量估值，但这仅仅是因为它们在市场中扮演了中介的角色，而基础的人工智能模型的改进将会解决这一问题，这可能只会意味着前沿实验室会获得更多的收入，从而减少泡沫的理由。
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A lot of people seem to take it as a given that the AI bubble will "pop", leading to a mass devaluation of AI companies from their current peaks.<p>What I'm confused about though is what makes current AI evaluations a bubble.<p>Bubbles usually exists when future speculation outpaces productivity: eventually some realization leads the market to no longer believe in that future speculation, causing devaluation which triggers a mass sell-off.<p>However, AI companies currently have very high revenues and are growing extremely fast. Their valuation is backed by actual commerce. I can't imagine that there is any room for a bubble, as it is very clear where the market is at, and why demand for AI is so high.<p>Now, certain specific companies I can imagine losing a lot of valuation, but only contingent on the fact that they serve a middle-man role in the market that improvements in the underlying AI models will solve, which would likely only mean more revenue for the frontier labs, and thus less reason for a bubble.