I think we’re still headed up the peak of inflated expectations. Quantum computing may be better at a category of problems that do a significant amount of math on a small amount of data. Traditional computing is likely to stay better at anything that requires a large amount of input data, or a large amount of output data, or only uses a small amount of math to transform the inputs to the outputs.

Anything you do with SQL, spreadsheets, images, music and video, and basically anything involved in rendering is pretty much untouchable. On the other hand, a limited number of use cases (cryptography, cryptocurrencies, maybe even AI/ML) might be much cheaper and fasrer with a quantum computer. There are possible military applications, so countries with big militaries are spending until they know whether that’s a weakness or not. If it turns out they can’t do any of the things that looked possible from the expectation peak, the whole industry will fizzle.

As for my opinion, comparing QC to early silicon computers is very misleading, because early computers improved by becoming way smaller. QC is far closer to the minimum possible size already, so there won’t be a comparable, “then grow the circuit size by a factor of ten million” step. I think they probably can’t do anything world shaking.