I kinda agree with you but I think there is a level of nuance that should be employed when talking about speculative "bubbles". While they all have something similiar in common in an arc and a bust, they are not all created equally.
There is a lot of conversation about how a bubble is not just a lot of noise but actually a very positive signal.
Bubbles can be very productive if the asset or technology is going to be transformational (e.g. Internet vs Tulips) in that they build the foundations and infrastructure, encourage experimentation, segementation, creativity, IP, skillsets and experiences during the boom. When it busts, you have all the debris and detritus that will be valuable and integral inputs to the rise of the standardization and forms that mature.
Companies (and governments) are investing hundreds of billions into the data centers and infrastructure as @Captainant points out. Chip fabs, silicon, design, development. This isn't the same as dotcom's raising $100 million dollars and buying billboards and creating e-games to deliver coupons and pay for Super Bowl ads.
I think we oughta be careful about lumping the AI bubble with the Crypto bubble (and even the latter has it's merits and of course naysayers).