Big Tech hyperscalers continue pouring over $700 billion in combined 2026 capex into AI infrastructure, data centers, and chips despite Bank for International Settlements warnings of exuberance risks and potential investment busts echoing past manias. Sustained demand for large language models, real revenue from enterprise adoption, and competitive positioning among OpenAI, Anthropic, Google, and others support trader consensus against an immediate downturn, keeping the probability of a defined bubble burst—marked by sharp Nvidia or semiconductor ETF declines plus other triggers—low through year-end. Recent volatility, rising debt issuance, falling token prices, and analyst notes on rolling corrections or 2027 pullbacks introduce uncertainty, with key upcoming catalysts including Q3 earnings, Federal Reserve rate decisions, and new model benchmarks that could shift sentiment.