The problem is that all this AI infrastructure is not like the fiber from the dot com bubble, which became really useful for the speed improvements that came later. These nVidia chips have an estimate lifetime of 3 to 5 years, after that they have to be replaced with new ones either because of end-of-life or obsolescence, and considering they are the most expensive part of the whole thing it should be very costly to keep things running, especially if they're not making any profit and hardware prices keep increasing.
All this is assuming most of these data centers are actually built, which I very much doubt given how people are reacting and the complete bullshit claims of tech bros such as "data centers in space".
When people say this is a bubble, they mean this technology is wildly overvalued, not that it's useless. I'm not very impressed by it, but I recognize it has its uses, however none of them justify the ridiculous investment. Heck, it's even uncertain that any of these AI companies will ever be able to make any consistent profit. What I agree with is that I just don't see the bubble popping any time soon, the big tech companies (Google, Amazon, Microsoft) can easily keep burning money for a while as they have very effective sources of revenue (cloud, ads, etc.), the AI grift must continue!