That's the 10-20 year cycle always, though. The .com crash led to a major downgrading in the status of "tech" people for a few years, and then a slow recovery til it was insane again.

However, I'm not eager to be living through this again. It feels very spring/summer 2002 to me right now. That was the lowest point for the local market back then.

I don't think this latest contraction has much to do with AI though. It's more about higher interest rates, recessionary economy, trade wars, etc etc.