I would argue that the stock market boom resulted from the low oil prices, and the dot coms went along for the ride.
While low oil prices may have been a contributing factor,
the dot com bubble was largely driven by the evolution of the Internet, an explosion of web browsers, the advent of web based commerce, advances in telecommunications, the introduction of new business models (which still exist today) and a period of low interest rates. Y2K was also a factor in the late 90s. IMHO you are overstating the role of oil as advancements in technology were a reflection of Moore’s Law. Then again, maybe it should all be credited to Al Gore who, after all, invented the Internet. LOL.
Well, we could go back and forth on this, and I don’t think we’re going to change each other’s mind. The dot coms would not have happened but for technology, true, but I still maintain that they were not the driver of the economy.