The author argues that AI, while a useful technology, is heavily overhyped. They suggest we are in a classic bubble scenario where the inflated expectations surrounding AI could lead to significant financial fallout. The author, who has spent three years in the field and co-founded an AI-dependent venture, Magnolia, notes that many touted applications in design feel impractical. They emphasize that generative AI often falls short in established design workflows, requiring more time and effort than it saves. Competent designers typically produce better results more quickly without AI tools. The piece highlights a disconnect between corporate expectations and actual outcomes with AI. Companies that expect broad applications and uniform returns on investment often fail, while those targeting specific, isolated use cases experience success. The author cites a study from MIT indicating high failure rates in corporate AI initiatives. The piece warns of a troubling financial picture, as major tech companies heavily invest in AI without a clear, sustainable monetization model. The author parallels this situation to the dot-com bubble, stressing that the current AI hype could lead to a significant market correction. Beyond financial concerns, the article raises ethical issues surrounding AI, especially regarding truth and societal trust. The author expresses concern that AI could exacerbate issues like misinformation and manipulation, as it has the potential to generate content more effectively than previous technologies. They question the motivations behind AI development, suggesting that investors may be pursuing a vision of artificial general intelligence (AGI) rather than the practical applications marketed to users. The piece emphasizes the need to critically assess the implications of AI on society and the gap between user expectations and investor motives.