I think that's a fair point and sort of speaks to one of the indicators that say this possible bubble may be different than the dotcom bubble. I think that end-user revenue for AI is a pipe-dream - but the companies interested in compute have a whole lot of resources and so long as they are willing to divert those resources to prop up AI it can keep going for quite a while (at a smaller scale though).

There is a commonly held belief that there is a level of compute (vaguely referred to as AGI) that would be extremely valuable and those companies may continue to rationally fund AI research as R&D though if the VC and loan funding dries up there will probably be serious fights with the accounting departments. It is good to point out that companies with huge war chests do seem poised to continue investing in this even if VC/etc dries up due to the lack of end-user profitability - it'll be an interesting shift but probably not as disastrous as the dot-com bubble burst was.