You may be right, but I'm wary of the implication that 'the market' is rational.
Also, if the market leans more towards network or compute (I'm not sure that's a useful distinction, but I'll run with it for now) wouldn't the economies of scale necessarily continue to accentuate the initial trend, rather than induce an oscillating pattern?
Data likes to accrete, almost as if it has its own virtual gravity.
Cycles oscillate some, depending on compute speed and network latency.
But there isn’t as much oscillation as people think. 80’s/90’s style non-networked personal computing was a rare exception to the usual rule of networked centralisation with smrt-ish terminal access.
Also, if the market leans more towards network or compute (I'm not sure that's a useful distinction, but I'll run with it for now) wouldn't the economies of scale necessarily continue to accentuate the initial trend, rather than induce an oscillating pattern?