It's not unsubstantiated though. The claim is "People frequently assert that 'this time is different' and they are almost always wrong" and it proceeded to provide a reasonable list of analogous manias.

This only doesn't feel like substantiation if you reject the notion that these cases are analogous.

"You shouldn't eat that."

"Why not?"

"Everyone else who's eaten it has either died or gotten really sick."

"But I'm different! Why should I listen to your unsubstantiated claims?"

"(lists names of prior victims)"

"That doesn't mean anything. I'm different. You're just making vague and dismissive unsubstantiated claims."

The claim isn't "AI bad" the claim is more along the lines of "there's a lot of money changing hands and this has all the earmarks of a classic hype cycle; while attention/diffusion models may amount to something the claims of their societal impacts are almost certainly being exaggerated by people with a financial stake in keeping the bubble inflated as long as possible, to pull in as many suckers as possible."

If you want another example (which you won't find analogous if you've already drunk the koolaid):

https://theblundervault.substack.com/p/the-segway-delusion-w...