Investor sentiment towards artificial intelligence (AI) has changed significantly, moving from an initial wave of optimism or 'euphoria' to growing concerns or 'phobia' about the technology's scalability and implications. Initially, many investors viewed AI as a groundbreaking advancement that would lead to significant economic growth. However, various challenges and risks have started to overshadow these expectations, leading to a more cautious approach.

The change in sentiment is attributed to multiple factors, including recent market fluctuations and regulatory concerns surrounding the implications of AI technologies. Investors are becoming increasingly aware of the ethical implications and potential market disruptions that AI could introduce, resulting in hesitancy to invest further. This caution could potentially reshape the future of AI development and deployment in numerous industries.

As the landscape continues to evolve, understanding investor sentiment will be crucial for stakeholders involved in AI. A more skeptical viewpoint may lead to a slowdown in innovation and investment in AI startups, which could have long-term consequences for the tech sector. Therefore, addressing these concerns and demonstrating responsible AI development will be key in restoring confidence among investors and the broader market.