AI is not HPC
It would, I think, be more accurate to say that AI is replacing HPC. It uses the same kit, but it doesn't replicate the performance. So it's not itself HPC, but it's also not throttling HPC because HPC systems are still being created.
It's like using a Formula 1 car for your daily commute. It's completely unnecessary and a waste of the potential, but doing it doesn't mean that there's somehow fewer F1 cars.