Is this an AI boom or bubble? Here’s what’s really happening

Two companies capture the boom-or-bubble split better than any chart. Nvidia proves there’s real money in AI now, with record data-center revenue ($46.7 billion in Q2 2025 revenue ) and guidance that’s turned once-surreal numbers into baseline expectations — even if growth showed its first signs of cooling after an unprecedented run. Oracle, meanwhile, shows how frothy the future bets can get — a backlog inflated by a reported five-year, $300 billion deal with OpenAI that doesn’t even start until 2027 and a ...