According to CoinMeta, the new AI bubble indicator for Yardeni Research has issued a warning, but it does not indicate a collapse. The bubble condition is 83/100, while the trigger condition for a collapse is only 34/100. Historically, similar conditions have only indicated a bear market for the S&P 500 9% of the time within two years, and the median return after inflation adjustment was 18.3%. The key conclusion is that the valuation of AI appears to be overestimated, but the forces that could lead to a bubble burst have not yet fully emerged.