Yes 100%. Best historical example is the dot com bubble. Lot of companies will raise capital because they do something "related to" A.I. and they will never produce anything useful. Many will see that as an opportunity to print their token (company shares) and dump it on greedy investors before going bankrupt.

Unlike shitcoins AI has some usecases, so I would expect to see something larger than peak shitcoinery at the top of the hype.