The bubble isn't just the thing itself, its all the services and infrastructure that built up around it. Crypto doesn't have to be awful, its just a tool, a ledger. But it exists in its current form because of what it creates, what kind of economic activity it stimulates. My point is that all the grifty ass economic hype activity around crypto just moved to AI

But I do appreciate the clarification, it gives me a chance to refine my perspective

Running the model? Sure. Training the model still requires high compute throughput.