Hacker News user questions whether current AI company valuations constitute a bubble, arguing that high revenues and fast growth suggest valuations are backed by actual commerce rather than pure speculation.

The post challenges the premise that AI valuations are inflated, noting that AI companies currently have very high revenues and are growing extremely fast, with valuations backed by actual commerce rather than speculation.

The author argues that bubbles typically form when future speculation outpaces productivity, but that the AI market shows clear demand and productivity gains, making traditional bubble dynamics unlikely.

The author concedes that specific AI companies could lose valuation if they serve as middle-men whose role improvements in underlying AI models would eliminate, though such improvements would likely increase revenue for frontier labs rather than trigger a broader market devaluation.