Are the cpu speeds that we enjoy today a bubble?
No but you could say the speed increase we've enjoyed over the past decades will hit a brick wall. In so far it hasnt already. And moore's law is running out of steam too. IIRC on some chips we are down to feature sizes that are just a dozen atoms wide, transistor size is approaching atomic levels. It just doesnt get smaller than that. We are not there yet, still a few shrinks that are probably feasible but the end is in sight.