Is AI transformative or is it just a feature of existing products?

The stock market's made this huge bet that it AI transforms the economy and I just wonder how much is hype? I get that there are clearly benefits and productivity enhancements but I'm just not seeing it being transformative at this point.

Seems like it'll be both - some transformative use cases (e.g. ChatGPT), as well as lots of small productivity improvements inside existing things (Notion AI, Copilot)

Are the two mutually exclusive?