AI is propping up the blockchain bubble that already popped.
Both have been primarily interesting solutions looking for problems to solve without any hard work, rather than having any worthwhile investment strategy, in most cases.
There's people doing hard work with block chain and AI to solve real problems. But there aren't "the vast majority of venture funds" number of people doing that.
I am constantly amazed at how long it takes folks to realize their money is being pissed away.
An alternative less generous assumption is that they're mostly just laundering crime money, and so don't mind the high rates of loss.