We're past the point where there's a feasible argument that there is an AI winter coming.

The models work remarkably well for several classes of problem that seemed impossible a few years ago. They're not going away. There will still absolutely be a lot of ups and down and crazy stuff that happens in AI, but it won't be that AI almost completely stops being developed/funded for a decade or more. The biggest risk, I think, is regulatory capture; it's what Anthropic and OpenAI seem to be aiming for with their scaremongering about how capable and dangerous their models are. That'll put a damper on the industry for everyone except the companies that bribe the right people.