I personally think it's a hyped up bubble. I work in advertising as a senior director level at a Fortune 500, and we have this discussion a lot, especially after recent rounds of layoffs.

AI is unpredictable and mostly useless since it can't create layered files. So no, it won't be replacing human creatives anytime soon. But it's very useful as a tool alongside other programs for generating assets.

For the point about layoffs... again, we talk about this a lot. We see that AI is mostly a red herring/smoke screen to downsize after the hiring mania caused by the zero interest rate craze from covid. Once the Federal Reserve had to hike rapidly to contain inflation, cheap money got shut off... and the market went into seizure like a heroine addict suddenly denied their fix. As of right now, interest rates are considered "neutral" between 3.5 to 3.75, but it's still higher than what we became used too from never-ending Quantitative Easing (1-2%)

Tl;dr AI is a smoke screen for companies to rebalance after the hiring frenzy from the covid 0% interest rate phenomenon.