I dont even blame management. I believe most of them are well-aware that much of what is going on right now is pure hype.

However, they dont have a choice. The sentiment of shareholders is that they want their cash (yes it is their cash that managers re-invest on their behalf) to be invested in AI-related projects.

So...... you get what you get, and investors will get what they deserve. But they will still blame the management in the end ;)