LLM bubble (as opposed to AI bubble) is an interesting turn of phrase. Yes there might be a local collapse, like the dotcom bubble of the late 1990s / early 2000s. but online industry has grown stupendously since then despite the setback. main difference is AI may lead to a dystopia where humans are obsolete :(.
I see current LLM stuff as being like spark gap radiotelegraphy, the earliest wireless communications. it took megawatts of power to communicate from a transmission platform to a ship at sea. but now you can do it (even without satellites) with a tiny little radio. AI technology will also evolve like that. probably a bad thing, sort of like the manhattan project a-bomb being optimized into a pocket sized one. :(