There's a lot of talk, and strong arguments, in two opposing directions at the moment:
1. AI is the future, and the revenue growth from the infrastructure layer is real.
2. The ROI for AI applications is lacking, and we are approaching, if not already in, a bubble.
I don't know, but I have a feeling both are true.
My only caution to others (and myself) is that buying stocks at inflated prices, even if they are irreplaceable infrastructure (e.g., ASML, KLA), is not the same as betting that AI is the future. You could be 100% right that AI is a transformative technology, and that these companies have had spectacular revenue growth over the past 2-3 years, and still lose money if things don't go perfectly (which they never do with tech adoption). In other words, these stocks may deflate before the 'future' arrives (and perhaps reinflate when it does).