Top executives at AI companies insist that demand is 'limitless,' pointing out that the only real challenge to market growth at present is energy availability, not chip supply.

Nevertheless, shares of processor and digital infrastructure companies continue their sharp volatility, even though the PHLX Semiconductor Index has surged about 60% since the start of the year.

Pat Gelsinger, former CEO of Intel and now at Playground Global, stated clearly: 'Demand for AI is almost unlimited, and the only constraint is energy.'

Supplier companies like Lumentum support his view, having announced that their orders for optical network components for years to come are fully booked.

Has the AI bubble already burst?

Despite these indicators, financial markets no longer price based solely on executives' promises. Major companies like Samsung report huge profit increases, yet their shares decline after a series of impressive gains exceeding 360% in one year.

Even when companies like Cerebras double revenues, their shares fall due to elevated investor expectations.

This volatility stems from the fact that current stock prices already reflect the market's expectation of perfect execution and sustained, error-free growth for years to come, making any good news insufficient to drive further upside.

Meta's announcement of selling excess AI computing power added to the anticipation, with some interpreting it as a sign that the company overestimated its infrastructure needs.

In contrast, optimists do not doubt market figures and the reality of demand, as strong profits from technology providers affirm that the AI growth wave is not merely a bubble akin to the dot-com era.

But skeptics argue that current stock prices require investment returns not yet proven in reality, given extreme market concentration and challenges in generating massive returns on the hundreds of billions invested in infrastructure.

Nevertheless, almost everyone agrees on a key point: what limits growth this time is not technology itself but electricity availability, an obstacle that cannot be overcome quickly or with capital alone.

Investing in power plants and grid expansion is a process that takes years and requires permits and long-term planning, an external factor beyond the tech sector's control.