It's high-risk, high-reward, much like dot-coms of the 1990s.
There's also the "known unknowns" of regulatory risks both on the "what will AI be allowed to do" front and the regulations on power-hungry AI data centers themselves. We know these are categories of risks, but we don't have a good handle on how likely any given outcome will be 5 years from now. What are the odds that in 2031 America will be like "you want a data center here? Oh sure, no problem" vs. "you want a data center here? Not In My Backyard!" Once the regulatory environments stabilize it will be much easier to price this into "how much am I willing to pay for a given AI company's stock."
Right now, betting on an AI company's success 5 years down the road feels too much like betting on next year's World Series when we don't even know what the MLB Players Union contract will look like, or if there will even be a season next year.