Core Viewpoint - There are growing concerns about a potential AI bubble, particularly highlighted by OpenAI's recent financing deals with AI computing equipment providers that do not rely on cash or debt [1][2]. Group 1: AI Hyperscalers - Companies like Alphabet and Meta Platforms are not seen as part of the AI bubble due to their strong cash flows from core businesses, which provide a safety net for their AI investments [4][5]. - If an AI bubble were to burst, these companies would likely remain unaffected in the long term, as their primary revenue streams are not dependent on AI [5]. Group 2: AI Computing Equipment Providers - Concerns are primarily focused on AI computing equipment providers such as Nvidia, AMD, and Broadcom, which have recently engaged in significant deals with OpenAI [6]. - A cessation of AI spending could severely impact these companies, leading to a substantial decline in their business and stock performance [6][7]. - Companies like Taiwan Semiconductor and ASML would also face challenges if the AI bubble were to burst, as they are upstream suppliers to the aforementioned providers [6]. Group 3: Market Sentiment - There is uncertainty about whether the market is currently in an AI bubble, as the situation is complex and involves multiple players [7][8]. - Despite concerns, many companies in the AI sector are confident in their long-term visions and are willing to invest heavily to realize them [8].