One of the stranger claims about AI is that there isn't an AI bubble, there is an "everything bubble", across debt, equities, alts, private credit, etc.

Fair enough, but it is a little like telling a patient they have many things wrong, and then stopping triumphantly there.

Examples:
Unhedged https://www.ft.com/content/6e49718f-220b-4de9-87e3-7469df24a925
Richard Bernstein https://www.bloomberg.com/news/articles/2026-01-08/market-bubbles-go-way-beyond-ai-says-richard-bernstein-advisors