Is the AI bubble actually about to pop, or is everyone just nervous?

The AI bubble debate hit a fever pitch in May 2026 — funding round multiples are still wild but enterprise pilots keep stalling out. Stanford crew says we're moving from evangelism to evaluation. Are we six months from the pop or do the cash-flow companies (OpenAI, Anthropic, the hyperscalers) absorb the dip while everyone else gets washed?