No one knew what the internet really was and what it would become. Not Bill Gates, not anyone else.
Developers believed that processing power, RAM, storage etc. would continue to grow exponentially to the point where there would just be too much of it and we wouldn't need to care about any resource constraints when writing code.
Writing code line by line in a text editor was supposedly on its way out, to be replaced by fancy IDEs, WYSIWYG, UML etc.
All the jobs were supposed to go to India. Programming as a profession has always been on the brink of death for one reason or another, and yet here we are.