I would also say that big tech companies (at least MSFT, Apple and Meta) are consciously all-in in this game. There is nothing else to drive "disruptive" growth in their ovens, and many tech stocks were already going down in 2022 pre-ChatGPT.

If AI fails to deliver its promises or fails to do so in the short timeframes implicitly proposed by the ecosystem, I expect dark times in terms of growth for the tech industry at least for a while.

Anecdote: As a on-off tech shopper dealing with some big providers from time to time, I can sniff the reek of desperation when trying to sell GenAI stuff. And that's weird.