Artificial intelligence can be technologically transformative and still produce a capital bubble. Those two ideas are not in conflict. The bubble bursting does not require AI to fail. It only requires deployable supply and capital commitments to grow faster than monetizable demand. When productive, revenue-producing AI capacity takes longer to materialize, pricing will normalize and financing will no longer bridge the gap. That’s when the capital cycle resets. But here is the good news for investors: The AI supply chain remains constrained by high-bandwidth memory, advanced packaging, network fabric, power and site readiness. These bottlenecks not only slow deployment, they also…