The valuation of these companies are based on absurd compounding growth but growth goes from darling to pariah the moment cash dries up, every time. Taper tantrums and Brexit era, it’s sometimes the knee-jerk reaction, even. 2021, people were trading based on yields and unemployment data and bad numbers were making tech stocks rise in hopes of rate cuts. Securities is an entirely different beast than bitcoin because stocks have intrinsic value (and if you have faith in the forward earnings of a company that’s intrinsic enough)

This is all propped up by growth though. The moment Microsoft mentions skipping a product cycle is when investors panic and rotate into staples or whatever, Nvidia cuts production targets, Micron suddenly has ICs for other things

The wild thing is that, at the time, the abandonware DOS games I was playing in the late 90s were more recent than Skyrim is right now.