Some utility does not preclude a bubble.

Almost every bubble has a solid core of value in there, it just doesn't match the level of financial investment associated with it.

2007 bubble featured housing as a pillar, and of course housing is highly valued. The internet tech bust of 2000, and clearly the internet had a role to play, even a transformative one, but still a financial bubble.

Here we have a blend of bubble factors:

• A shiny new tech with some utility, but unclear precisely how it will shake out and who will endure, like the .com
• Dubious institutional lending, similar to the 2007 situation, but with these datacenter operators instead of homeowners
• Meme stocks being a sign of a bunch of folks going all in on 1920s style irresponsible investment, going big on margin debt especially

With all those factors in play simultaneously with the impossible magnitude even in relative terms compared to bubbles past.... When it pops it's going to be nasty. We have more understanding and techniques to manage such a case, but they will be strained in unprecedented ways.