What is going on right now?

AI is hot garbage being used as if its a hammer and everything is a nail. The sooner this house of cards collapses the sooner real value can be gained from it by using it as a tool to appropriately assist.

But we're in the mega hype phase still (1998/1999) and haven't quite crested over to the reality phase.

If the dotcom bubble is the playbook, then we'll see a burst soon, and in 10-15 years a proliferation that absolutely dwarfs anything we're seeing today.