I am not completely sure whether this is a bubble or not, though.
I have used artificial intelligence myself and there is an actual use for this technology and it will surely save a lot of time and work in the future and continues to get better and better with each year that passes by.
Though, the actual threat to all this hype and over-selling is the fact there are hundred of artificial intelligences in the market and people cannot afford to have premium access to all of them, people of low income can only access to those who are free, like Meta AI or Gemini by Google, which are good enough for the basic tasks of image edition, text generation or deep research.

There is still a lot of potential to be extracted out of artificial intelligence and of this is a bubble then I believe there are still far away from the collapse of the cycle. Soon we will even see non-playable characters in videogames powered by AI, without little to no programming at all.