> The .com bubble was largely companies with no business, unchanged revenue but still having massive swings in price in private and public markets.

There also were companies like Sun and Cisco who had real, roaring business and lots of revenue that depended on loose start-up purse-strings, and VC exuberance...

Sun and Cisco both survived the .com bust, but were never the same, nor did theu ever reach their high-water marks again. They were shovel-sellers, much like Amazon and Nvidia in 2025.