is AI bubble worse than DOTCOM bubble?

Start with following circular financing as in who's the buyer vs seller and what are they buying or selling?

& then is it a commodity or a premium product? 

When Meta starts selljng [extra] computer capacity .. you need to start thinking as what's wrong with this picture? 

What i find funny is how this AI thingy shifted the focus from big models to small models to more energy to power centers to less energy to NVDA the chipmaker to everyone making their own to memory / Korea now .. to all jobs going to AI to Meta realizes its biggest mistake .. the point: is there anything unique here or are we just shifting the focus..!

finally the phrase - too risky to not spend enough is what will bring this thing down as you can see the bond offerings made by some of the giants ..!