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Concerns about an impending ‘AI bubble’ mirroring past tech booms are circulating, but historical analysis suggests the foundational advancements are likely to remain. Drawing parallels to the dot-com era and the railway boom, experts argue that even if current AI valuations correct, the underlying infrastructure—data centers, powerful GPU clusters, sophisticated AI models, and ongoing research—is already firmly established. Citing insights reminiscent of Yanis Varoufakis’s concept of Technofeudalism, the key debate now centers on whether this vital infrastructure will be broadly accessible or concentrated in the hands of a select few corporations, shaping the future of AI’s societal impact.