AI being a bubble it's not mutually exclusive of being a real and useful technology and the existence of non-snake oil companies.
Cisco was a bubble in the dot com crash, despite being a company that provide real value and profit, just not at the level of the crazy expectations from the time.
I’m not sure your numbers are accurate, they raised $13bn in funding in September last year. Also do note that a lot of the money is cross-subsidized by Google who is funding the TPUs as an investment, so I wouldn’t be so confident that they are returning money quite yet (though it does seem that Anthropic might make it).
Cisco was a bubble in the dot com crash, despite being a company that provide real value and profit, just not at the level of the crazy expectations from the time.