>The next hype round is only a matter of time because rich people need somewhere to put their money.
They put their money in hype when the money is free or close, and putting it in those "investments" make sense. Like when you have QE and near-zero interest rates...
Tons of money funnelled into banking turned to cheap loans for VC money, however was in great supply, and this proped up stocks artificially out of any pragmatic evaluation, and hyped the public for them (with the cooperation of the media), which in turn provided further supply for the extravagance:
"even the tactical errors committed by investors were insufficient to create the bubble that burst so dramatically last year. For that, we needed a perverse private-public partnership led by Wall Street and the Federal Reserve. The Fed mistakenly created too much money in the fall of 1999 in order to fend off the expected deflationary impact of the Y2K bug—effectively pouring gasoline on a smoldering fire in the stock markets—and banks and brokerage houses used some of the excess liquidity to fund the share price bubble. In the fourth quarter of 1999, the Fed expanded the money supply at an annual rate of 22% (9.6% after seasonal adjustment). In comparison, the rate of growth of the money supply in the fourth quarter of 2000 was 9.2% (–2.8% after seasonal adjustment). Fed Chairman Alan Greenspan, seeing the flood of money into risky start-ups, pricked the dot-com balloon with monetary tightening in the spring of 2000. It was the dot-coms’ misfortune to be first the beneficiaries and then the victims of these larger economic forces".
In that case they didn't need "near zero interest" rates, because they were artifically promised much larger returns than the actual rates.
That is the actual key driver: easy handed loans for BS uses (to VCs, and even better the general public), and hyped returns above the rates. The "near zero" rates is not necessary, it's just the more extreme case.
They put their money in hype when the money is free or close, and putting it in those "investments" make sense. Like when you have QE and near-zero interest rates...