Is There a Third Hype Cycle of AI?

In the 1980s, AI was as hyped as it is today. It failed to live up to its hype and fell out of favor by the end of the 1980s. So now we're on the third hype cycle of AI. The first two hype cycles were all about producing computers and robots with human level intelligence or a GI. What's different this time around is that AI has actually produced very useful capabilities.