Lessons from the Original Tech Bubble

The boom-and-bust cycle has always been a feature of capitalism, and--capturing as it does the human traits of creativity, hope, greed,, anxiety, and panic--it always will be. Creativity gives rise to technological progress and transformative inventions, which provide a new driving force for the economy and a focal point for investors. Today, we are living through another speculative boom. This time the transformative invention is, of course, A.I., and last week's SpaceX I.P.O. While Elon Musk's creation is an impressive rocket-and-satellite company, the stunning $1.78-trillion valuation of the I.P.O. was largely based on its ambitions to build A.I. data centers in space, which remain largely untested .