They blamed the latest fad for layoffs in the last one as well.

Every company and project I know of has a long list of things they want to do that they believe would be good for customers - but they cannot afford the people needed, and the risk is too high to borrow. That is if AI was really increasing efficiency in a good economy they would be keeping everyone and getting more work done with them.

Of course in reality we cannot know if AI has really increased efficiency - we only have short term measures at best which we know from experience are often wrong. (most often because there are many ways you can make a shortcut today that will kill your long term)