Happiness is subjective. Over time things change, so do people. To say that the pursuit of materials cannot deliver tranquility is wrong. It depends on the person.
Yeah, if you take that happiness is subjective then true, though I would like to think that it's an universal feeling, same as love or fear. And then to be truly happy money or tech can't be an answer, since they are nothing, have no everlasting effect and are temporary.
You can be happy at the moment, you can by using coke, but it is not happiness temporary artificial feeling. Just like you can't cure a headache with painkillers, you have to search for the root of the problem, not painkillers that only mask it temporarily.