When dotcom bubble burst, Netflix was a winner because it could leverage (mostly indirectly) all the dark fiber. Without the overbuilding of fiber, streaming in general might have been delayed 2-5 years.
On the other hand, Borders was a loser. They got lulled into thinking the Internet was a fad, overexpanded their bricks & mortar, and neglected online book distribution. And the direct losers of course were the telecoms, the ones who overbuilt all that dark fiber.
When the AI bubble bursts, the losers will be those who overinvested in infrastructure, and the winners will be the startup scavengers who take advantage of the spoils. Other losers will be those who fear AI and change in general and so console themselves with "I knew that AI thing was hype" without actually developing a rational AI strategy.