I think this is correct and a big part of what’s going on here, but there’s something else worth mentioning. A lot of prior tech hypes were about getting into the big new thing before others. This smells of far more … desperation. More like “this better work big time or we’re utterly %^£€ed.”
The thing with AI is much like when Radium☢️ was discovered in 1898. It was used in paint, glass, advertised as healthy, without care or knowledge of the actual costs it came with. Historically, capitalists jumped into trends to sell a fancy new technology thing that just happen to kill you