There is a difference between dotcom 2000 frenzy versus today. Dotcom frenzy was driven by the possible potential of the Internet. Twenty years later, that potential has been realized. - Google search has massive profits, $280 billion revenue of which $163 billion is search ads. - Meta ad analytics has proven a huge money maker with fat margins. - Amazon AWS ie Cloud is the real profit generating engine of the company. - Tesla efficient car manufacturing has already shown incredible profits and future profit potential. - Nvidia has shown that AI computing will be the next game changing innovation. - Apple iPhone wasn't even there during 2000 but is basically just a golden goose pouring out money, creating the largest cash hoard in history, $200+ billion. - Microsoft just keeps chugging along with its Windows/Excel dominance, making those sweet automated subscription fees. And now has a pole position in AI with OpenAI. In 2000, people were gambling driving up Nasdaq but twenty years later, people now have more concrete examples of how tech/internet/AI can drive innovation with FAT profit margins. As a side note, one unfortunate outcome of all this is that the game has gotten much harder for the retail trader/investors. VCs now grab the lion share of the early potential of these startups before they go public. By the time, the companies go IPO, they've been sliced and diced to the point where they always overvalued for the retail investor. Probably the situation when Dell went public and created so many millionaires that they were called Dellionaries, will never happen again.
The FANG+ stocks are not the issue since they are basically monopolies. The only thing that could derail them is a Biden DOJ breaking them up. The SPACs of 2020 & 2021 are the Pets.com equivalents. The Fintechs, cryptos with no purpose & marijuana stocks were the big bubbles that collapsed. Basically anything backed by that psychopath from Sri Lanka Chamath the Scammer. To a degree they also took down Silicon Valley Bank & First Republic Bank since both of these banks were heavily dependent on all the free money from from the VCs to the equity holders of FB, GOOG, etc. which were big clients of theirs. Signature was known as the Crypto Bank which aided in its demise as well.