When Will the AI Bubble Burst? My Take as an AI Power User

I use AI every day, so this is a heavy user's take on whether the bubble bursts. OpenAI and Anthropic don't have a moat, and I became convinced of that when DeepSeek R1 came out. What still holds people in is the app around the model, especially for non-technical users, so the only moat left is a brand. That's why I keep reaching for DeepSeek V4.1 Flash, and my case for optimism is the flip side if you want it.