Personally, I think the more interesting question is: if not AI then what? I doubt we will go back to Metaverse (lol) or Crypto, B2B SaaS seems safe but stagnant (and competing over a largely fixed pie of IT spend). It feels like it doesn't matter if the companies work-- until there is something shinier to invest in it will be the defacto choice for LPs chasing returns (and VCs chasing carry).