Indeed! But then again, I think the genre boundary between cyberpunk and fairy tale was always permeable. In Count Zero, evolved AIs posses people like vodoo deities. In Serial Experiments Lain, dead people live on as ghosts in cyberspace. While Snow Crash plays it for laughs, the idea that Ancient Sumerian gods live on as latent patterns in our brains (ready to override and erase our consciousness if the right word is spoken) is pretty Lovecraftian too.

Maybe one of the purest exponents of this "Lovecraft-via-cyberpunk" aesthetic is Nick Land; his early works are very influenced by 1980s cyberpunk science fiction, and (as far as I can make out from his rather opaque writing) his main thesis is that the combination of AI and Capitalism will evolve into an entity literally beyond human understanding, which will get rid of us all as it goes on to pursue its own inscrutable goals...