As others have said, gaming is thriving - AAA and bloated incumbants are not doing well but the indie sector is thriving.
VR is not on the verge of collapse, but it is growing slowly as we still have not reached the right price point for a mobile high powered headset. Apple made a big play for the future of VR with its Apple Vision Pro but that was not a short term play; that was laying the ground works for trying to control or shape a market that is still probably at least 5 if not 10 years away from something that will provide high quality VR, untethefed from a. PC.
AI meanwhile is a bubble. We are not in an age of AI, we are in an age of algorithms - they will and are useful but will not meet the hype or hyperbole being banded about. Expect that market to pop and probably with spectacular damage to some companies.
Other computing hardware is not really stagnating - we are going through a generational transition period. AMD is pushing Zen 5 and Intel it’s 14th gen, and all the chip makers are desperately trying to get on the AI band wagon. People are not upgrading because they don’t see the need - there aren’t compelling software reasons to upgrade yet (AI is certainly not compelling consumers to buy new systems). They will emerge eventually.
The lack of any landmark PC AAA games is likely holding back demand for consumer graphics cards, and we’re seeing similar issues with consoles. The games industry has certainly been here many times before. There is no Cyberpunk 2077 coming up - instead we’ve had flops like Star Wars Outlaws, or underperformers like Starfield. But look at the biggest game of last year - Baldurs Gate 3 came from a small studio and was a megahit.
I don’t see doom and gloom, just the usual ups and downs of the tech industry. We happen to be in a transition period, and also being distracted by the AI bubble and people realising it is a crock of shit. But technology continues to progress.