Secular decline in technology?

[AnalyticalEngine]

In Jacob's "Myths and the Futute" post, he mentions to avoid investing in technology companies because they'll see a longterm secular decline in the coming years. To what extend do you all think that's true? Do you think the current market run up resembles the dot com bust?

[unemployable]

Technology always leads the way. What changes is the specific technology itself. First railroads, then cars, then electronics, now Internet. In 50 years it'll be something else.

The next great company won't be any of the current great companies, but to the extent your question implies there's some sort of contemporary alternative, it ain't going to be Procter & Gamble or U.S. Steel, either.