Yes and no...

So much of the dotcom bust was essentially: "anything internet will work", but even after it was pretty easy to find different ways to publish web pages or migrate to new forms of social media, video, short-video, etc.

It's orders of magnitude harder to automate work, which is the business value proposition of AI (whether you are displacing worker or adding breakthrough capacity), and it's not clear the LLM hyperscalers will get the value-add from that.

On the consumer side, it might be a race to the bottom: same ad profits, but now you need AI to produce it.