It usually takes 30 to 40 years for Homo Sapiens to get the hang of a new invention. This was true of steam engines, electric motors, computers. Investors are often very limited in perspective and often more than a little dumb. It’s why I moved my pension into low risk assets yesterday…
you also often have cases where a bubble is created but the technology DOES have a huge future. Late 90s tech bubble is a perfect example of that.
This is true, but computers had been on people’s desks for 20 years at that point. Likewise canals, railways, radioactives… I used to be a business academic and did a lot of work in the mid 90s on the “IT Productivity Paradox” - that IT had not raised productivity at all outside the Telecom Sector.