I agree with this. My observation is that the dotcom bubble coincided with Y2K. Another manufactured, fear-based crisis that caused the MAJORITY of businesses to update their systems in unison. Think about that. Significant infrastructure expenditures across the Fortune 500 coordinated around a common date.
Not only did this cause spending to be routed to certain "cool" startups to upgrade old legacy based software to new Internet architectures, it also caused synchronicity across companies within each sector making collusion and price fixing easier.
When the bubble burst, everyone blamed the insane multiples assigned to companies with no revenue, but they never tied it to Y2K which was the initial fuel.