A Thai economic commentary warns of potential AI sector overvaluation, comparing rising investor enthusiasm (fueled by Nvidia's strong earnings growth from $6.2B to near $96B revenue) to Japan's 1990s stock bubble. Key concerns: unsustainable valuations despite genuine chip demand, heavy customer debt-funding of data center buildouts, and a profitability gap—major US AI companies haven't yet monetized their AI products successfully. Chinese competitors building cheaper, lower-power alternatives pose an emerging threat that could further pressure already-strained US AI company margins.