Is AI a bubble?

There's no doubt that AI is the future but AI takes too much time to develope and having a working product. With the release of GPT and few other tools like ART generation etc, it looks like, people are assuming that AI will change the world in just 2-3 years.

There are so many new AI startups, with very high valuations and high expectations from investors and you know when businesses don't meet the expectations of investors and don't generate enough revenue then things can get worse.

Also we have already seen 2 bubbles in the crypto popping, 1st one being NFTs bubble and 2nd one the Metaverse bubble, although NFTs were definitely over hyped and confined to crypto only, Metaverse was global narrative which can be compared to the AI.

This is 100% unbiased post as I hold many AI based projects including Bittensor TAO, telling this just incase people think I'm fudding AI.

Would really like to listen to others unbiased opinion about current AI Narrative, short and mid long term future?

Thanks.