As predicted by Tech Revolutions written in 2002, bubbles mostly form around infrastructure rather than apps. Apps, especially vaporwares, are actually at the bubble popping stage. This is where capitalism rears its ugly head (pump). After the bubble pops, it is infrastructure-based investments that survive. Capital can also move to productive apps, such as those with cash flows. Most importantly, the entire industry takes a step back and organises itself and figures out what the "best practices" are. Then, at this point, investment capital plays a support role and actually scales with productivity. This is the "golden" e/acc capitalism stage that we talk about. But very often people use this in the bubble phase (because overly optimistic)