It is in fact normal for new technologies to be adopted, and for there to be no cycle where the technology just disappears. There was no Internet winter or railroad winter, not in the same way there was an AI winter where AI just went away.
Those technologies had valuation bubbles but the technologies themselves stuck around and changed the world beyond recognition. If someone sees the rate of change and thinks it'll stop for...some reason, then they're the ones who believe things are different this time.