AI investment Case and the Hypercycle - in reference to Shi and Herniman paper in journal Technovation

Hi Not sure if anyone has read this paper Shi, Y., & Herniman, J. (2022). The role of expectation in innovation evolution: Exploring hype cycles. *Technovation*, *119*, 102459. [https://doi.org/10.1016/j.technovation.2022.102459](https://doi.org/10.1016/j.technovation.2022.102459) Where do we think we are on the AI hypercycle (Fig 1c in the paper) ? I would say on the slope of enlightnment with early adoptors? Thus maybe the bubble is not a bubble at least in the mag 7. But I do agree maybe in the Private Equity market they got caught in hype as really what advantage does chat gpt have to make money compared to goggle who have the whole moat (AI, search data to train it, TPU and a huge cash pile). I guess what I am trying to say is....I can see chat gpt failing, but not say Google or Microsoft.