I’ve seen several people sharing this chart recently.

Interestingly, they seem to have very contrasting views. Some see this as a sign of an AI bubble, where stock prices decouple from fundamentals. Others see it as proof that AI is real, where market value decouples from employment.

Who’s right?

My take: Both could be right.

The first question we should ask is: Is AI transformation real?

The numbers speak for themselves.

• Over 800 million people use ChatGPT weekly as of 2025, doubling from early 2025.
• Roughly 10% of the world’s adult population now uses ChatGPT or similar AI tools.
• In the U.S., AI tool adoption jumped from 8% in 2023 to 38% in 2025 among adults who use tools like ChatGPT, Claude, and Gemini monthly.

AI is clearly not just hype—it’s a bottom up technology reshaping how individuals learn, work, and create at a global scale.

The next question is: Are we in an AI bubble?

If AI is real, this question only matters in the short term if you’ve invested in overvalued stocks or work for hype AI startups without sustainable business models. In the long term, it may not matter.

Whether this is a bubble or a boom depends on whether business fundamentals can catch up with valuations before the next market crash. (Read: https://lnkd.in/gdynXnsg)

Every transformative technology goes through a hype cycle. Even if the bubble bursts, it leaves behind valuable infrastructure, platforms, and breakthroughs that transform the world.

As Jeff Bezos said in his recent interview, the AI bubble (or boom?) today is much like the early internet—chaotic but foundational for what’s next. (Read his full sharing here: https://lnkd.in/gAtC6uEx)

And if you think AI is being overhyped, take a look at what happened with electricity a century ago—it was also dismissed as hype before transforming everything. In the electricity boom, we built energy infrastructure. With AI, we are building cognitive infrastructure. (Read: https://lnkd.in/gEZUEJVt)

AI may reshape what “fundamentals” even mean. Maybe this chart isn’t just showing a bubble. Maybe it’s showing the start of a new economic reality.

Ultimately, whether you see a bubble or a boom, one thing is clear: we’re in the middle of a massive technological shift. The short-term market fluctuations are noise. The long-term signal is the undeniable impact AI is already having on every industry.

What do you see in this chart? A warning or a promise?

Sources of statistics: DemandSage, 2025: https://lnkd.in/g7Teyayj Digital Silk, 2025: https://lnkd.in/gTJy4mdj Search Engine Land, 2025: https://lnkd.in/g2hvr_4R