Thoughts on the 'AI bubble' and its sustainability in US equities

Been watching the narrative around AI and its impact on the market, particularly with the valuations we're seeing in many tech names. It feels like we're in a period where the 'growth at all costs' mentality has returned, reminiscent of past cycles. While the underlying technology is undoubtedly transformative, the market's current enthusiasm seems to be pricing in a perfect, uninterrupted future for many of these companies for years to come. It's hard not to feel that some of these valuations are detached from immediate fundamentals, relying heavily on speculative future earnings that might not materialize as smoothly as projected.

Take the recent surge we've seen in various corners of the market, including the more speculative plays. We saw $HKD jump by 4.73% today, trading between 1.67 and 1.77. While not directly an 'AI play,' it's another example of significant movement on relatively less fundamental news. My long-term concern is that a significant portion of current market performance, especially within the tech-heavy indices, is being driven by this concentrated belief in AI's immediate, overwhelming impact, rather than a broad-based economic recovery or robust earnings growth across the board. Is the market really prepared for the inevitable corrections or slower-than-expected adoption rates that typically accompany new, transformative technologies? I'm inclined to think a good chunk of it isn't. Would be interested to hear differing perspectives on this. Push back on my take, please.