Oh no the market has corrected to 2019 levels because the ridiculous amount of free cash has stopped! Clearly the era of tech is over and we should all wrap up and go home.

I don't think there is anything substantial here to suggest this is anything other than a normal recession and even if this was like the dotcom bubble, these companies aren't like dotcom era startups. They're massive behemoths intertwined with the fabric of American society, not to mention their warchests make most other companies blush.