The current that is flowing through the tube; is it strictly AC or DC or both?
Start with simple building blocks and work your way up.
If a cap is two conductive plates separated by an insulator, you can understand how this looks like an open circuit, or the same as two insulated wires next each other with no electrical connection. For now, accept on faith that the cap looks like a short-circuit to a.c. (the factual micro-level explanation of why this is the case will be confusing right now).
So with no signal, but with d.c. applied from the power supply, the tube initially feels a large voltage at the plate, and has a hot cathode emitting electrons. The electrons near the cathode feel the pull of the voltage at the plate, which at the first moment equals the supply voltage, and they all try to rush to the plate.
Ground is the source of the electrons to replenish the ones sucked away from the cathode toward the plate, but there is a resistor between the cathode and ground. If the electrons look to the parallel path of the cathode bypass cap, they just see an open circuit they cannot cross. As the replenishing electrons flow from ground through the resistor to the cathode, a voltage is developed across the resistor. That raises the cathode above ground potential, and it is no more-positive than the grid. This establishes the grid-to-cathode voltage which biases the tube.
At the other end of the path, the power supply voltage tries to suck electrons out of the plate after they arrive from the cathode. But there's a big plate load resistor between the plate and the power supply. As the electrons flow out of the plate, they set up a voltage across the plate load resistor. Because the voltage from power supply to ground does not change, the relative voltage at the plate itself drops from being equal to the supply voltage down to the value determined by ohm's law and the amount of current flowing through the plate load resistor.
If the electrons look to the right at the coupling cap, they again see an open circuit and instead flow through the resistor.
When a positive-going a.c. input signal is applied, the voltage of the grid rises making the difference of voltage from grid-to-cathode smaller (because the cathode was already positive of the grid). This smaller grid-to-cathode voltage allows more electrons to pass through from cathode to plate and increases the tube current.
That bypass cap looks like a short-circuit to
changing current which is what a.c. is. So the amount of current change from the steady idle value is bypassed around the cathode resistor, and there is no change of voltage across the resistor. The positive change of current travels to the plate and is pulled through the plate resistor to the power supply. It then travels through the filter cap and back to the ground end of the cathode resistor to complete the circuit.
Because the changing current was pulled through the plate load resistor, it also creates a changing voltage drop in accordance with ohm's law, which results in a bigger voltage drop across the plate load due to bigger current, and leaves less of the supply voltage at the plate itself. The coupling cap allows the following tube stage to sense this drop in voltage because it is passing a changing voltage as though it were a short circuit and the output signal to the next grid appears to be a negative-going voltage. This is why the plate output inverts the signal.
The following stage's grid resistor (perhaps 1MΩ or similar) is large enough that the changing current takes the path of least resistance through the plate load rather than passing through the coupling cap. Therefore, the changing voltage output is what is sensed by the following stage's grid.
The whole process is exactly the same for the negative-going portion of the tube's input signal, except the net change of grid-to-cathode voltage is such to increase the voltage difference, which reduces tube current and reduces voltage drop across the plate load, and increases the resulting voltage at the plate. So a negative-going input voltage signal results in a positive-going voltage output at the plate, again explaining the inversion of the signal output compared to the input.
Direction of current does not change inside the tube, but the change of more- and less-current exists simultaneously, so there is both d.c. and a.c. inside the tube. The external circuit components split the paths that the d.c. and a.c. components travel, and control the tube while taking a voltage input at the grid and presenting a resultant voltage output at the plate for use by the following tube stage.