Again, I don't know the model you use so I don't know the details of what should be there and what should not. I would expect to find a gasket at the rear end of the nozzle. If all goes to plan, this link shows some images of replacement items for my kit:
http://germanairbrush.com/accessories_harder.html
There are some needles at the top of that list, but items 10'ish from the top are nozzles. The white material on the left-hand side in the pictures are teflon gaskets that seal the paint flow internal to the nozzle, from the air flow around the nozzle.
If that gasket doesn't seal perfectly, the pressurized air that comes from the compressor is pushed into the paint channel and can escape out through the paint cup.
If your airbrush has O-rings for seals, they serve the same purpose - preventing air to escape into the paint channel - so that's where you should look for the cause for the bubbles.
DoC