The experience of any new technology over time where its inception generates inflated hype, followed in turn by disillusionment, and finally back up to a renewed but realistic opportunity.
First described by a Gartner business analyst Jackie Fenn in 1995.
Hype cycles are most conspicuously seen in technology — computers, the Internet, mobile phones, and now AI. But they are equally present in how we experience new jobs, friendships, and anything "new". The trick is not to ignore or remove the 'hype', but to recognize the peaks and valleys for what they are, when they are.