Here's something worth thinking about: while everyone's watching public AI stocks for signs of a bubble, the real froth might be building quietly in private markets. Venture capital has been pouring unprecedented amounts into pre-IPO AI companies—some with valuations that seem disconnected from actual revenue or profitability timelines. Unlike public markets where price discovery happens through constant trading, private deals often rely on sentiment and herd mentality. When late-stage rounds keep inflating valuations 30-50% quarter after quarter, it raises questions: are these companies genuinely worth it, or are investors just chasing the AI narrative? The exit risk is real. If the private AI wave doesn't translate into sustainable profits at IPO time, we might see a significant reset.