Are we in an ai bubble because these numbers have stopped making sense

nvidia is worth $5.5 trillion nd now worth more than every country except the us and china. it was $400 billion three years ago anthropic raised 40 billion from google and 25 billion from amazon in the same week, revenue went from 1 billion to $30 billion in fifteen months and secondary market says a trillion dollars openai dropped gpt 5.5, reportedly doing similar revenue,spacex offered $60 billion for cursor, a code editor worth $2.5 billion eighteen months ago 125 billion in ai investment committed in a single weekis f insane. the entire global vc market did $300 billion in all of 2024 the bull case is the revenue is real,nvidia did 216 billion dollar. anthropic is doing $30 billion. Millions of people use these tools daily, every chatgpt prompt every video generated through kling or magic hour, every ai powered sales sequence anddd every line of code through cursor burns real compute and generates real money the bear case being cisco was worth $555 billion in 2000 because the internet was obviously the future. while the internet was obviously the future but cisco still lost 80%. Being right about the technology doesn't mean the valuations are right both cases feel equally convincing to me and that's what's scary is anyone here actually confident they know whether this is 1999 or 2004?