This bubble is a bit different from the dot com bubble IMO.
The dot com bubble was almost exclusively funded by debt. Nobody was making money back then and some of the transactions were just stupid. Mark Cuban selling broadcast.com for $5 billion and Yahoo did absolutely nothing with it. That bubble burned hot and fast.
The AI bubble does have some debt funded ventures. But a lot of the big players are companies like Google, MSFT, Amazon, even Grok is now funded by profits from SpaceX, or mostly from Starlink if we're being honest.
None of those companies make a profit directly on AI. But they all make dump trucks full of money in other areas. That money didn't exist in the dot com bubble era. So this one has a lot more sustainability and won't burn out as fast.