It's all based on the idea of The Business Cycle https://en.wikipedia.org/wiki/Business_cycle https://en.wikipedia.org/wiki/Business_cycle People apply that i

It's all based on the idea of The Business Cycle https://en.wikipedia.org/wiki/Business_cycle https://en.wikipedia.org/wiki/Business_cycle People apply that idea to how tech works. You're right to question the evidence for it. The business cycle itself is just a bunch of ideas and theories people use to try and make sense of a chaotic, unpredictable system that is never the same twice. Sometimes it's useful, sometimes it's not. And "theory" in this case refers to the layman's idea of theory. Not the scientific meaning like the "theory of gravitation".