I'm not going to argue that there has been no progress, just that it's not on the same scale.
Look at the difference between phones from 2004 to 2014, then from 2014 to 2024 and surely you'd have to agree. We're looking at huge leaps in tech and innovation Vs much smaller incremental improvements.
And I'd once again like to state that this is not a complaint, just a point of view showing that astonishing amounts of technological innovation are not necessarily required to keep companies in business.
Yh, I'm not for bailing out companies that are "too big to fail", I see it as socialism for the rich and capitalism for the poor, but that's a separate debate.
Tech stocks were a interesting case as they bloated far beyond their actual value during COVID, what happened in 2023 was probably somewhat of a renormalization and now they're back to business as usual. There will always be peaks and valleys, but I'd be very surprised to see tech stocks fail in the long term.