> We don't need complete automation of every complex task, AI can still be very helpful even if doesn't quite make that bar.
This is very true, but the direction we took now is to stuff AI everywhere. If this turns out to be a bubble, it will eventually pop and we will be back to a more balanced use of AI, but the only sign I saw of this maybe happening is Microsoft's evaluation dropping, allegedly due to their insistence at putting AI into Windows 11.
Regarding the HW prices being only a temporary increase, I'm not sure about it: I heard some manufacturers already have agreements that will make them sell most of their production to cloud providers for the next two-three years.