2001: When the Internet Was, Um, Over?
It Ain’t Over Till It’s Over: So a long way, historical past has proved Mr. Frank half-correct. The Dow Jones index, which had peaked round 17,000 at the top of the ’90s increase, has simply handed 26,000, no longer 36,000. But the dot-coms, as you could have spotted, didn’t precisely vanish.
That outdated apple of Mr. Blodget’s eye, Amazon, which just lately was the nation’s 2nd trillion buck corporate, with a inventory value greater than 4 instances Mr. Blodget’s once-risible $400 value goal. Mr. Blodget himself went directly to grow to be a tech rich person, as a founding father of the on-line information web site Business Insider (Mr. Wolff, in the meantime, didn’t precisely disappear both: his explosive guide “Fire and Fury: Inside the Trump White House,” was a absolute best dealer previous this yr).
But with the knowledge of hindsight, it’s transparent that 2001 used to be no longer the finish of web tradition, however moderately, the finish of the starting of web tradition. Today’s younger tech moguls — like Facebook’s $60 billion guy, Mark Zuckerberg — don’t seem to be most effective amongst the richest folks in the global, they’re additionally Beyoncé-level stars in the eyes of the starry-eyed postgraduates who flock to tech’s promised land, hoping, like the characters in HBO’s “Silicon Valley,” to carve out their slice of the long term.
Hindsight Is 20/20: In equity to Mr. Schwartz, he hinted that tech would possibly come roaring again, larger than ever, in 2001. “The dot-commer,” he wrote, “seen today as a scam artist,” could be reborn, “smarter and tougher, because he represents optimism itself.”
When contacted remaining week about the tale, he thanked me for the alternative to stick humble, however added: “As the story predicted, a new generation of companies has arisen and changed the world since that story ran: It includes Facebook, Twitter, Uber and Theranos.” He endured, “if there’s a lesson in taking a new look at this old story, it has to be to never bet against greed, and never bet on a cultural shift that requires tech companies to grow a conscience.”