>Tech companies are generally valued much higher than their profits
In the long run tech companies will be valued just like normal companies. Innovation is slowing down. Expect a reduction in tech salary rates relative to more traditional engineering.
Three things propping up tech salaries over the past decade are loose money policy, the advertising bubble, and the rapid turn over hardware and software in the market place.
There are few fundamentally new things of value in 2022 vs 2012. It just costs more to pay programmers to make the same thing and takes more computing horsepower. In the long run this is unsustainable.
For example GB of RAM to run a web browser or OS. I could watch videos online in 2012. I can in 2022 too.