I think the AI narrative is basically just a rebranding of the COVID-era "growth" hype linked to infamous figures like Aunt Wood, in order to revive the stock prices of semiconductor- and cloud-related "high-growth" story-tellers and unprofitable crapw in 2022 after the bubble slightly bursts. And other stakeholders have led, participated or acquiesced in these speculations for their own interests.
For example, the "Mag7" wants to boost its share price, regulators want a soft landing along with interest rate hikes, billionaires want people to be content with investing in tax-free savings accounts without having to rely on taxes on the rich to pay for their pension shortfalls, financial institutions want more trading volume in the stock market, private equity and hedge funds want to have more more assets under management, and quantitative traders want more stupid money. Concerns about this unprecedentedly ridiculous bubble may be exactly why Warren Buffett chose to sell off some of his largest holdings, despite attempts by the financial media to assuage the associated fears on a variety of now seemingly untenable grounds.
However, this doesn't mean anything new, it just means that people need to rely more on factor premiums than equity premiums at the moment, but this has held true since the rate hike.