first up i think we r all a little out of our league discussing nanotech ... so everyone is just speculating!! ... well anywayz here r my two cents :)
nanotechnology is to my knowledge that field of science where objects inorganic or organic are made by direct manipulations of atoms ... that is they actually place atoms one by one to achieve some product .... we should not confuse it with the processor industry ... albeit they r working in nm range that is not nanotech
nanotech has two approaches to it ... Top Down Approach or the Bottom up approach ... top down is the current one where machining and etching techniques r used ... but on a nanoscale ... what scientists want to do is the botttom up approach where one can actually build the nanoscale machines atom by atom
Now AI and nanotech ... i think they r very much possible ... ppl r talking about nanoscale processors which consist of very small rods clicking against each other to give u circuit conncetions (same as that of transistors) ... these things r estimated to be capable of 10^25 instructions per second .... so why can't a nanoscale machine have intelligence ... i say it should and actually "must" have it ... if we can model Neural networks in computers .. then we can certainly do the same thing on a nanoscale.
well thats it from me ... as far as i'm concerned ... the future is brigth .. but i think we are still a long way from a "nanotech industry" as such producing .. like mohnish said ... nanosubmarines which can move around in your body.