I would recommend the book Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages [0] by scholar Carlotta Perez. She studies l

I would recommend the book Technological Revolutions and Financial Capital: The Dynamics of Bubbles and Golden Ages [0] by scholar Carlotta Perez. She studies longer cycles though (~50 years) but the mechanism she describes seems pretty sound for the matter at hand. It goes more or less like this: - capital in search for long term returns goes to early moves of a big technological shift - as successes from the new technology get more and more apparent, it attracts a much larger slice of capital available, and eventually gets over-funded (the real opportunity of this technology is limited) - a bubble forms, most capital is in for a quick speculative return - back to square one with a new technology (and former bubble bursts) [0] https://www.amazon.com/Technological-Revolutions-Financial-Capital-Dynamics/dp/1843763311 https://www.amazon.com/Technological-Revolutions-Financial-C...