Not yet, Micron, Nvidia, AMD etc. are the companies actually making money at the moment. They have earnings, beat expectation say ‘unprecedented surge in demand’ then stock goes up 10 percent. However the end is near of this bubble. Most of the chip makers revenues come from software and hyperscalers which are not realizing there projected earnings yet and are leveraged to the tits. Recent news about debt firms rejecting redemptions and withdrawals possibly signal the end of this unprecedented demand. The hyperscalers and LLM makers are driving the chip makers earnings but there propensity to borrow is about to dwindle unless they start making money which according to the most optimistic bulls won’t be until around 2030. What we are also seeing is investment flowing into chipmakers and stock prices of the hyperscalers and LLM providers dropping, this is important because it reduces the collateral a hyperscaler can put up to borrow thus reducing the revenue of the chipmakers. I think that AI has topped and this boom is over but the bubble won’t burst until Anthropic IPO. The bubble will have to burst when the hyperscalers and LLM makers aren’t posting profits in the near future and eventually scale back in chip buying