Are we in a GenAI bubble, and do you expect it to pop soon?

I do not believe you can classify GenAI as a bubble.  I think of GenAI as a shift in technology and how we view data. As an example, in the early days of the internet we went from using MS Access databases to using MS SQL Server. The data was the same just formatted and structured differently. Was SQL Server a bubble? No, but we moved from a desktop/departmental database solution to an enterprise-class relational database management system with better performance, reliability, scalability, and security features.
GenAI will do the same. The shift in technology will be embracing mult-agent workflows. Today we are task focused, but the future will be process focused. For instance, imagine all APIs having an GenAI agent handling the task and you combine these agents for a worklow. You created a process to accomplish multiple tasks.

Here is another simple example, we have hundreds or GenAIs to handle various tasks. One for image creation, one for creation of presentations, etc. Imagine a scenario where you submit one task like "create a presentation on [topic] and include relevant images, and create a speaking transcript. Today you have to submit multiple tasks to one or more GenAIs, but what if you submit one request to a conductor of GenAI and it handled the multiple requests and ensured what was delivered was exceptional. You would no longer need to figure out what GenAI to use nor would you have to submit multiple 'tasks.' Basically, the 'process' it complete.

The GenAI Bubble will burst shortly after the iPhone app bubble bursts. And that will happen after the internet websites for marketing bubble will burst... ;-)

The current excitement around Generative AI (GenAI) bears many hallmarks of a classic tech bubble rapid investment, inflated expectations, and widespread adoption often ahead of proven impact. While GenAI holds transformative promise across sectors, many solutions remain experimental or lack scalability. In several cases, the hype is outpacing practical outcomes, which may lead to a short-term dip in confidence. However, this is unlikely to be a passing fad. As with the dot com ( rememeber late 90s and early 2000s) or mobile revolutions, any correction will likely refine the market rather than end it. Over time, we can expect a shift from generic tools to more specialised, value-driven GenAI applications tailored to specific industry and public sector needs.

Funny, the varied responses here pretty much capture the full Gartner Hype Cycle.

There are definite signs of a bubble on the capital side, but I think we'll ultimately see more of a shake out/correction, not a "pop".  The one-feature SaaS start-ups with weak IP will disappear as existing platforms implement or acquire similar capabilities.  The gravity of the 800lb gorillas (OpenAI, Antrhopic, Googlet, etc) will continue to vacuum up marketshare as time goes on.

As an aside, could be an opportunity to pick up AI talent as some of these startups begin to crater.

I am not sure anyone is thinking about GENAI as bubble. I think most companies that are experimenting and learning from it are finding value, experience and enhancements that keeps them reinventing their stratgy for its use. Companies are approaching this and applying ideas and finding out GENAi usefulness and areas that need to be enhanced. Many vendors like Microsoft and OpenAI are stepping up to fill gaps and enhancing offerings. Most folks are excited but not emotionally so and I am not sure anyone is overhyping the situation who has taken its use in a serious way. "Bubble and Pop" seems to be headline material