It might be. By feel, it is different in that a lot of the AI investment is into real things, that hold non-speculative value: data centres, GPUs, training marketable and genuinely useful products. It's not food for pets but online and sent by email.
The trillion dollar question isn’t “is AI a bubble”, it’s “which of these companies are pets.com and which are Google (if any)”.
Even investing into a basket might not be a winning strategy even in a world in which AGI is imminent.