Ah yeah, I see what you mean. When the article mentioned AI companies, I was thinking of OpenAI, Anthropic etc. only, but true that Google could absorb a hit from a bubble. Not sure how they’ll do long term, since they’re all in on this and planning to remake completely how you search with them.

The report stresses that AI companies maintain some fundamental differences from the businesses that dominated the dotcom boom of the late 1990s, which was defined by speculative excess and an overreliance on debt financing. Many of the top AI companies, by contrast, are more mature, profitable and maintain healthier balance sheets, which could blunt the impacts of the “bubble” bursting — or if it bursts at all.

Sorry, what profit? I mean, Nvidia is making a killing, but the rest? https://isaiprofitable.com/