https://news.ycombinator.com/item?id=44208831
TL;DR: there are two groups of people mixed up in the hype: the people investing in it, and people using it. AI may indeed be overhyped for the former. It's not overhyped for the latter.
Makes me think of how railways were built across the US. AFAIK, the first generation of investors generally lost big. They funded a huge, capital-expensive infrastructure project, and didn't get a return on it in time. But even as they lost, the work they funded remained - subsequent waves of businesses built on top of it and became profitable, the society benefited, and the country was transformed. The only losers to this "bubble" were the first-movers and their backers.
So when someone wonders if AI is overhyped, I'd ask them: what's your stake in this? Are you an investor hoping for quick returns, or are you someone who stands to benefit from the technology existing?