In 1984 he was basically correct. Computers could barely handle it. On a 80x25 terminal they're not that useful, and when the Mac came out with it's tiny screen it wouldn't have been that great.

Not that it mattered. The 128k of RAM was so little it couldn't run two real applications at once, only one app and one 'desklet'(?) like the calculator.

It took a few years before it would have started to make sense.