Here's the cycle we've gone through multiple times and are currently in:

AI winter (low research funding) -> incremental scientific advancement -> breakthrough for new capabilities from multiple incremental advancements to the scientific models over time building on each other (expert systems, LLMs, neutral networks, etc) -> engineering creates new tech products/frameworks/services based on new science -> hype for new tech creates sales and economic activity, research funding, subsidies etc -> (for LLMs we're here) people become familiar with new tech capabilities and limitations through use -> hype spending bubble bursts when overspend doesn't keep up with infinite money line goes up or new research breakthroughs -> AI winter -> etc...