[Reporter's Notebook] Controversy over the artificial intelligence (AI) bubble is raising its head once again. Global big tech stocks are fluctuating, and the Nasdaq index is facing downward pressure. The cynical view that "overheated AI investments are failing to translate into actual sales" is also gaining traction. Judging solely from the current trends, it might read as if the AI era has suddenly come to an end, but looking a little deeper into the market reveals a much more complex story.

First, there is a fact we must face. There is undeniably a bubble in AI. Overvalued startups, excessive investments in data centers, and companies' reckless race to adopt AI are hard to deny. However, this does not immediately mean the collapse of the entire industry. AI is already generating revenue, and both corporations and governments are drafting strategies predicated on AI. This is a crucial difference from the dot-com bubble. A dual structure of 'existing alongside a bubble while the industry continues to grow' is the very essence of the AI market.

The recent market correction is closer to a process of realigning overheated expectations with reality. The pace of model performance improvements is slowing, GPU demand will not rise indefinitely, and the speed of innovation felt by consumers is not as fast as corporate investments. The market is adjusting its prices to this discrepancy. Therefore, some perspectives suggest that the current decline is less of a panic and closer to a 'normalization' of the market.

So, how should we view this? Rather than being swayed by short-term price fluctuations, we should turn our eyes to 'where the actual money is flowing.' As AI grows larger, areas that become absolutely essential—namely the infrastructure supply chain such as power, data centers, cooling, networks, HBM, and GPUs—are already showing confirmed performance in numbers. Conversely, companies that have received high valuations based solely on the expectation that they will "make money someday because it's AI innovation" are highly likely to experience even greater volatility going forward.

Ultimately, while AI will continue to grow as an industry, stock prices will repeatedly undergo corrections and rebounds. A perspective that separates the industry from stock prices is more necessary than ever. While the bubble is deflating, a rational approach is to be wary of excessive chasing and buying, and to find opportunities in tangible sectors. The emphasis remains that 'the AI era is not over,' yet it is also a time that leaves a 'massive question mark.'