but this isn't "irrational exuberance", literally everyone I know paying and kind of attention has "rational dread".
In my opinion the amount of money poured into these companies is the definition of irrational exuberance. And even if you want to call it dread, once they start to deflate people will panic and flee.
Hmm. With respect, I disagree. When the term was first coined, the broader context was "Main St" (ie, retail) investors acting with apparently excessive optimism. Whereas the unfathomable sums being poured into AI by "Wall St" arguably stem from profound but simple greed, a scheme in which the uber-rich are forcing AI and the concomitant bubble risk down the throats of the general public. "Exuberance" has a significantly positive connotation, which in this case I find completely absent.