Same as the dot-com bubble. Fundamentals were wildly off for some businesses, but you can also find almost every business that failed then running successfully today. Personally I don't think sticking AI in every software is where the real value is, it's improving understanding of huge sets of data already out there. Maybe OpenAI challenges Google for search, maybe they fail, I'm still pretty sure the infrastructure is going to get used because the amount of data we collect and try to extract value from isn't going anywhere.

Something notable like pets.com is literally chewy just 20 years earlier