I was also in tech at that time, in fact I worked for Google during that period and people definitely thought that the Internet had reached its peak. So many criticisms back then not about just peak Internet but that all these companies were blowing money on unproven business models, they were unsustainable, unprofitable, it was all just hype.

You also had numerous telecommunications companies going bust in one of the largest sector collapses in modern financial history, the largest bankruptcy in history (at that time) was WorldCom, followed by the second largest bankruptcy in history with Global Crossing... Lucent Technologies went belly up and the largest telecom company at the time Nortel lost 90% of its value, eventually going bankrupt in 2009.

And then of course the great recession hit, tech companies took a massive blow, Microsoft, Google, Intel, Apple and other tech giants lost 50% of their stock value in a matter of months. You don't lose 50% of your value because people think you have a promising future.

It wouldn't be until the explosive rise of smart phones and close to zero percent interest rates that sentiment turned around and tech companies ballooned in value in what would end up being the longest bull run in U.S. history.