Were you right because you knew something they didn't, or you were just as irrational (maybe more given you were "a junior"?) but got lucky in being stuck with an opinion that eventually turned out right?
Only applications and web people did believe that particular part of the hype, because they didn't know what it took. And IBM consultants believed it because IBM always managed to sell some weird CPU extension for big dollars that did weird stuff, like their "decode XML extension".