Adoption was widespread at first but seems to have hit a ceiling and stayed there for a while now. Meanwhile, there's been little evidence of major changes to net productivity or profitability where AI has been piloted. Nobody is pulling away with radical growth/efficiency for having adopted AI, and in fact the entire market of actual goods and services is mostly still just stagnating outside of the speculative investment being poured into AI itself.
Investment isn't just about making a bet on whether an company/industry will go up or down, but about making the right bet about how much it will do so over what period of time. The scale of AI investment over the last few years was making the bet that AI adoption would keep growing very very fast and would revolutionize the productivity and profitability of the firms that integrated it. That's not happening yet, which suggests the bet may have been too big or too fast, leaving a lot of investors in an increasingly uncomfortable position.