When the lines cross, the industry pauses to figure it out. They lose out to newcomers riding the next wave and destroying the last one. There's lots of confusion among investors, customers and just about everybody as they try to figure out what technologies and companies are coming, and which ones are going. Everyone's trying to sort it out. Eventually, they do.
Money flows again.
Milunovich doesn't think this pause will last as long as the pause in the mid-1980s, though he says this pause certainly isn't over yet. For investors, the key is figuring out which companies are on which wave. You don't want to be stuck with some stinkin' company on the wave going down. You want to find the ones on the hot new wave. That was the case back then, too.