In previous capital cycles (canals, railroads, electricity, fiber), the technologies were transformative and necessary, but massive overcapacity was built—railroads overbuild by 120,000 miles (260,000 to 140,000 track miles today), and fiber lit only 4-5% in the years following massive investment—yet the early investors and builders did not capture the returns; the returns came much later to those who bought the capacity at distressed prices.