ML is undergoing a Cambrian explosion of use-cases (see my prior comment), almost all of this over an incredibly small time period, progress is accelerating, and many of these use-cases are incredibly high value. Scale is not proving a major stopper; Google's MoE experiments show that huge models are productizable, and small models work plenty fine too in restricted places, to the point where they're literally used to parse touch screen sense data in phones.

If you want to claim we're in for another AI winter, you need a vastly stronger argument than ‘something something hype cycle’.