My personal view is that there are broadly two groups of people, and thus two perspectives, related to the AI hype. I call them the Beneficiaries, and the Investors.

Beneficiaries are the ones who care about the actual tech and what it can do for them. Investors are the ones who care about making money off the tech. For the Beneficiaries, AI hype is about right where it should be, given the demonstrable power of the tech itself. For Investors, it may be a dangerous bubble - but then I myself am a Beneficiary, not an Investor, so I don't care.

I don't care which companies get burned on this, which investors will lose everything - businesses come and gone, but foundational inventions remain. The bubble will burst, and then the second wave of companies will recycle what the first wave left; the tech will continue to be developed and become even more useful.

Or put another way: I don't care which of the contestants wins a tunnel-digging race. I only care about the tunnels being dug.

See e.g. history of rail lines, and arguably many more big infrastructure projects: people who fronted the initial capital did not see much of a return, but the actual infrastructure they left behind as they folded was taken over and built upon by subsequent waves of companies.