I'm in my fourth year of a Bachelor's in CS, and I've been looking through the job market. I've noticed that it's only very rarely that the technologies I'm acquainted with match up well with what's marked as needed on job postings. There tend to be lots of arcane acronym technologies which I've never heard about, and googling them tends to lead me down a nest of even more opaque jargon.
Is this something I need to be studying in my free time, or do people normally learn these things on the job and then specialise thereafter? Is it worth applying to jobs even if they are listing technologies I've never heard of before?