I'm not sure that the dotcom bubble leaving behind the web means that AI (and by AI I mean LLMs) are going to be transformative in the same way the internet was. Just because it happened once doesn't necessarily mean it's going to happen again.

To be clear, I don't think LLMs are going to vanish, there's clearly some things they're good for, but there's also some really big differences between the AI bubble and the dotcom bubble. People are very skeptical and worried about AI, they (the general public) aren't really using it for anything more than search, there hasn't been any clear economic data indicating that it improves productivity in a meaningful way, and a killer app hasn't really emerged that isn't a free chatbot. Plus, the majority of the money is concentrated in the same 5 or 10 companies just passing it back and forth between each other before eventually handing it over to NVIDIA. Maybe I was just too young to pay attention to the dotcom bubble, but the vibe seems completely different.