That's how every boom phase in the credit cycle worked for the past few centuries, including housing in 2008 (assets go up -> more confidence -> more borrowing

That's how every boom phase in the credit cycle worked for the past few centuries, including housing in 2008 (assets go up -> more confidence -> more borrowing -> more spending -> assets go up). Not specific to tech by any measure. Here's Ray Dalio explaining it (founder Bridgewater, the largest hedge fund; apparently Dalio is busy building his legacy now that he's a billionaire): https://www.youtube.com/watch?v=PHe0bXAIuk0 https://www.youtube.com/watch?v=PHe0bXAIuk0