What about OpenAI, Anthropic, xAI and the other foundation labs that have collectively raised trillions?
What Microsoft, Amazon, Google, and Meta, which would likely survive but maybe lose up to a trillion each in valuation?
What about the very long tail of venture-backed AI companies that will go bust? You might complain that the dotcom number was just public companies, but back in 2000 everything was a public company. A company with thousands of high-earning employees going bust matters to the greater economy whether or not it is Nasdaq listed or not.
If a single company represents the entire dollar amount of the dotcom bust, or half when inflation-adjusted, and that valuation is entirely predicated on that growth continuing at historically unprecedented rates.. yeah we're in a bubble, and the damage when it bursts is going to be big.
That was the point I was making, and I fail to see how forward earnings to share-price ratios has any relevance here. The whole point of a bubble popping is that the market suddenly finds out those forward revenues were a mirage, a house of cards, and are very much made up.