Bubbles require events to burst them, and the timing of events is unpredictable.
Events might be a Fed rate hike instead of a cut, a large switch in sentiment, a terrible earnings report, a study indicating no gains from AI (unlikely), an international crisis, a big corporate bankruptcy, a massive political crisis, etc. None of those are predictable as to existence or timing.
The average American is benefiting from the boost in the economy from the construction of data centres and power supplies. Reasonable estimates say that the economy might be in recession without that or perhaps close to one.
There are many signs of a bubble. As you mention, the seven stocks are a top-heavy component of the SP500; about 35% of market value. Their PE ratio is much higher than the market and the market is itself very expensive with a PE ratio of about 26. But the Mag7 PE's are higher.
NVDA NVIDIA 53.45
MSFT Microsoft 37.93
AAPL Apple 39.16
GOOGL Alphabet 26.52
AMZN Amazon.com 33.46
META Meta Platforms 25.76
TSLA Tesla 248.45
Trailing PE ratio (12 months) is about 31.
Cyclically Adjusted PE (CAPE) is about 40 today.
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