It's more telling of the state of economy right now than AI.

Capital is simply going from bubble to bubble to pop. It was NFTs and Web3, then the metaverse, now it's AI. You need a new speculative product, market demand be damned. Ultimately the tech itself is inconsequential. Sure, AI is somehow more useful than an hashed png picture of a monkey smoking a joint, but the AI frenzy would've happened anyway.

I can imagine some other alternate universe where it's the turn of something already commonplace instead, like cloud computing; and the same CEOs who are screaming right now that we need to burn the ecosystem to build their new AI data centers would've told us that "The Cloud is inevitable", and that we need to spend 80% of the GDP to finance their AWS competitors.