Yes. I've seen the pattern over and over.
People who rightly point to over hype and jump to the conclusion that AI is nothing new.
It will be a tech revolution like the mobile, the web, the PC....
Many people have been recognizing that AGI won't be coming from mere scaling of current tech, and that generative AI has been severely overhyped. This is all true. But those people often conclude, "therefore AI is not going to be transformative -- this is a nothingburger". Absolutely not.
AI (both current and near-future tech) *will* transform nearly every industry, and we're still only in the very first steps of that process. Generative AI may be a bubble, but AI is going to be bigger in the long run than what almost all observers currently anticipate.