Indeed on the long term the real AI transformation may not be in generating more content for us to consume (which we might not trust anymore), but in using increasingly powerful computation to accomplish valuable work behind the scenes. The bubble might be at the surface (if there is one), while the major changes are done beneath the hood.
If there is excess US inflation, the money has to go somewhere. I don't think there's any doubt that there is excess money-printing. It doesn't have to translate directly to higher prices alone. Another path is malinvestment, which is how bubbles form. So the only reason the AI bubble doesn't form is because there's something else for the money to go to.
Thanks for the feedback on this, the way you've explained it quite make sense. A little bit more piece of knowledge shared and some better understanding from my part regarding the AI context and the worry around it being a bubble.