AI hype has cooled as many AI-related stocks have declined this year, reflecting investor scrutiny of companies' claims. Despite Nvidia's massive success and becoming the world's most valuable listed company, other AI stocks have fallen, suggesting investors now demand proof of performance. High-profile funds and indices that targeted AI beneficiaries have also seen declines. Nvidia's real earnings differentiate it from others like Salesforce and Intel, which have suffered sharp drops. Some see this trend as rationality returning, though there's concern of a potential bubble, with smaller players fading before larger ones.