Not really. Modern hype cycles are an artifact of increasing irrationality in markets fueled at least in part by index fund investing, which moves a lot of mone

Not really. Modern hype cycles are an artifact of increasing irrationality in markets fueled at least in part by index fund investing, which moves a lot of money based solely on blind criteria like market cap. So these days hype cycles from the VC world start to impact the public market and get amplified by index funds. Companies then go chasing the money by jumping onboard the hype regardless of how irrational it is. As far as I can tell, that’s not how any of this worked in the 70s and 80s when DOD funded the development of ARPANET through traditional university research and computer companies developed microchips small enough and cheap enough to allow personal computers.