Rather suddenly, there’s been a vibe shift around artificial intelligence, the tech that’s hypnotized Wall Street and inspired cultish devotion across Silicon Valley over the past three years.

And while it’s too soon to declare August 2025 the start of the AI winter, or the AI correction, or the AI bubble bursting, or whatever slowdown metaphor you prefer, it is undeniable that a series of industry stumbles is making investors, businesses and customers do a double-take.

Among them:

Meta, which was recently shelling out $100 million signing bonuses for AI talent, has instituted a hiring freeze and is reportedly looking at downsizing its AI division.

Sam Altman, the CEO of OpenAI and the industry’s biggest hype man, is floating the word “bubble” in media interviews.

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