True but this isn’t specific to the tech bubble. It’s a feature of capitalism. Competition forces firms to adopt shorter term horizons. If a firm has significant profit to make by focusing on the short term and it does not, its competitor would. If the profit possoble within this period is significant, having the competitor collect it runs the risk of the current firm failing, or the competitor accumulating enough for hostile takeover, among other failures. That would stop the current firm onwer from collecting profits in the future. Even if focusing on the long term is more profitable over time, firms may not survive in a competitive environment to realize long term profits. These are some of the fundamental processes that drive firms into short term horizons. With liquid asset markets there are even more immediate processes driving firms into short term planning.

Add to that planning based mainly on prices, which don’t capture a ton of reality and you get situations like a water hungry datacenter in the desert, cause the price of water does not capture its long term availability for example.

All of this has happened in the past, even a century ago. It’s happened and keeps happening in other industries too. For example the fossil fuel industry.