Or maybe it is related to tech companies earning record profits year after year and obviating entire other businesses year after year. There is still much upside to be had, especially on the recurring revenue front.
Zoom has reduced leasing costs for many companies tbh
I've found in looking at problems in general it helps to try to take a systems perspective. If you only look one step back everything makes sense and is fine, but when you start looking at the larger flows of everything is when you start to think that maybe the accounting doesn't all work out.