COVID also inflated a lot of tech stock massively, as everybody suddenly had to rely a lot more on it to get anything done, and the only thing you could do for entertainment was gaming, streaming movies, or industrial quantities of drugs.
Then that ended, and they all wanted to hold onto that “value”.
It is a bubble, but whether it pops massively like in 2000, or just evens off to the point where everything else catches up, remains to be seen.
“The markets can remain irrational longer than you can remain solvent” are wise words for anyone thinking of shorting this kind of thing.
Next you’ll be telling me the Democratic People’s Republic of Korea is truthful in only one of those words.
It’s quite common for political parties to include things in their name that they’re not the slightest bit interested in.
The Libertarian Party is, as far as I can tell, a bunch of conservatives who want to pay even less tax.