Is the pullback in the room with us?

Finding it hard to understand how markets are still propped up so high… Every investing subreddit i come across has members flaunting their 100-1000% gains on AI-related stocks. We see a pullback of 5% and everyone is piling in to the dip (at least on reddit). At what point do we admit everything is overvalued? They dont even know how to monetize AI! Backlogs at every chip & compute provider, promised to be fulfilled by companies that can hardly turn a profit. Then you look at chinese opensource