Old guy here, but it feels more like a Netscape moment than an iPhone moment. We'll end up with our pets.com of the LLM age, the whole thing will implode, and the few companies that were actually doing useful stuff with LLMs will survive.
What comes back to the old data-inefficiency of machine learning. There hasn't been visible improvement on this, and it is looking more and more as a fundamental limitation of AI.
These days it seems like anybody can throw "AI" into their company name (even if it's complete BS) and it has the same effect as adding ".com" to a company name did in the late nineties.
IMHO AI is a .com-like hype cycle that's orders of magnitude larger and more irrational than anything that happened post-iPhone.
That's not to say that there aren't good businesses in there (the same was true of .com, of course), but there's a lot of junk that's getting a lot of money thrown at it.