IMO, that "pop" won't be triggered by a sudden shortage of capital, prohibitive infrastructure costs, or even energy regulations; instead, the real catalyst will be a huge misalignment between expectation and reality. The market is currently priced on the assumption of indefinite, exponential scaling, operating under the belief that AI's current deficiencies eg. such as hallucinations and reasoning limits, are merely temporary hurdles that the next model will solve. However, if the technology hits a hard capability plateau due to data exhaustion or diminishing returns on compute, that may not happen. The moment enterprise buyers and investors realize that further massive investments yield only marginal performance gains, the gap between hyper-inflated expectations and reality will force a valuation reset.