Researchers, engineers, and entrepreneurs are enthusiastically exploring and promoting ways to apply generative artificial intelligence (GenAI) tools to qualitative data analysis. From promises of automated coding and thematic analysis to functioning as a virtual research assistant that supports researchers in diverse interpretive and analytical tasks, the potential applications of GenAI in qualitative research appear vast. In this paper, we take a step back and ask what sort of technological artifact is GenAI and evaluate whether it is appropriate for qualitative data analysis. We provide an accessible, technologically informed analysis of GenAI, specifically large language models (LLMs), and put to the test the claimed transformative potential of using GenAI in qualitative data analysis. Our evaluation illustrates significant shortcomings that, if the technology is adopted uncritically by management researchers, will introduce unacceptable epistemic risks. We explore these epistemic risks and emphasize that the essence of qualitative data analysis lies in the interpretation of meaning, an inherently human capability.