With massive IPOs from SpaceX, OpenAI and Anthropic, are these AI valuations a bubble?

I was thinking a little bit more kind of critically and deeply around because people keep talking about what needs to be true for it to be a bubble again. I like to think of it the other way: what needs to, you know, be true for this to actually work? And when I think about it, what we've seen so far, when you look at the total returns to AI so far, really, we've already talked about the compute layer on prior episodes in pretty decent depth to