It's not so much that the new hotness invalidates existing business models--I don't think it does--it's more that wildly successful business models will suffer

It's not so much that the new hotness invalidates existing business models--I don't think it does--it's more that wildly successful business models will suffer from the law of decreasing returns sooner or later and this causes companies to go into areas they wouldn't normally if investors were not so focused on continued hyper growth and the new new thing. So if I'm reading you right, I think we agree on the point, if not the analogy :-)