Because anyone who used these companies' products in China would see a pretty large ecosystem that's making a lot of money.
They're different things. Just like you can be the most famous actor or singer and still be poor. Being popular, having good products and actually making money is not the same.
And it's all relative. Today if NASDAQ dropped 20% the world would declare it in ruins. Are the companies still "alive"? Yes.
> Because anyone who used these companies' products in China would see a pretty large ecosystem that's making a lot of money.
Not true. A lot of them e.g. the public listed 1s have reported increased competition and reduced margins.
If NASDAQ dropped 20%, it would have returned to the level last seen three months ago, in March 2026. Calling that "in ruins" would be a pretty big stretch.
We're in the age of the Internet. You don't have to be physically there to see anything. They could have just read it on the news, saw social media videos, etc?