If you've been in SV long enough, you've seen multiple hype cycles. AI is the latest one. It doesn't mean AI is a con, there's just a tendency to exaggerate and make hyperbolic claims to sell. AI is primarily used to write text and code. Actually integrating it into workflows across markets will take time. A great article that is neither overly pessimistic or optimistic is Benedict Evan's The AI Summer [1]. He argues…
The term "AI Winter" dates back from the 80s, and that should tell us something.
At every cycle, we have insane hype (remember when "expert systems" would replace doctors?), a lot of investment. Hype fails to catch up to reality, investors get spooked. Nobody talks about that flavor of "AI" for a few years, even though we usually get new and useful tools.