I think there is a fundamental difference now, the government has bailed out stocks twice in 2008 and 2020. Moved Heaven and Earth with the fed and indirect injections of capital to prevent the rich from losing money. So these stock prices reflect tax dollars billing them out in the downturn.

If the last 5 years has taught me anything, it is that stock prices are completely divorced from the realities of the fundamentals of business. It is a clown economy and more like a casino then an honest measure of what a stock is worth. Especially with tech.

AI is way overhyped, to a level we perhaps have never seen before, but I would not expect the stock prices too reflect that.

Look at Tesla. The intrinsic value was no more than 10 billion before he started sieg heiling on national TV and alienated half of the western world.

What will continue to drive the stock prices is the support or acquiescence of governments to it. Do you the United States and the rest that follow.