Because too many new companies are popping up with the business model of "We're going to use AI" and they don't actually have any explanation for how or why they're going to use AI.

This is just like the Dot Com Bubble, where a lot of companies popped up saying they were going to "use the internet" without actually having a plan.

P/E ratios are much lower among top AI and AI adjacent firms now compared to the dotcom bubble. There is hype, certainly, but it isn’t an entirely speculation driven market like the dotcom bubble. Even so, the internet only became more pervasive than ever after the early 2000s