I think you are overestimating the amount people will pay for convenience or cling to their old ways.

Did e-readers kill the bookstore? Some people will always prefer to cook out of a book or dive into docs to write code.

Or look at the modern streaming landscape. In the beginning there was basically Netflix and everyone was fine paying that monthly fee for the convenience of streaming basically everything. Now we have 20+ vendors all charging for some subset of content. And we have seen a corresponding loss in subscribers as people hit the limit of what they are willing to pay for convenience.

I’ll play devil’s advocate here: agreed that the rest of the (US) economy seems to be slowing or shrinking but remains buoyed by AI / Mag 7 stocks. That said, a lot of the investment reflected above is in data centers and hardware (Nvidia, Coreweave, Oracle, Microsoft).

The bubble pop will hinge on whether there is value in this data center buildup beyond AI. Unless everyone starts paying fistfulls of cash for AI chat, these companies may be able to find another use for all that compute and avoid a total crash. That could be a target for all that investment you mention.