Nvidia boss Jensen Huang dismisses fears of an 'AI bubble'

When the term "AI bubble" is used, is this referring to the idea that some businesses think that the current GenAI tools can replace humans and act as cheap labor or the amount of money being invested into this specific industry and corresponding stocks being inflated? To me, they both sound like bubbles.

Certainly not, I'm sure China would import anything that OpenAI won't pay for.