IPOs aren't what they once were. The burden of being a public company has increased (SOX and related public company costs are $5-10M/year), so companies are far more likely to stay private. That has created a positive feedback cycle as the private funding ecosystem has become increasingly robust, which is why you see so many $100B+ private companies.
Also keep in mind that the biggest companies during that bubble had peak market caps of ~500B and then lost ~90%, so 400-500B in losses each and total internet related losses of a couple trillion. If NVDA lost 90%, it would be down 4 trillion dollars, or twice that total just by itself.
AI company valuations collapsing would have meaningful impacts on the broader market. Big pension/mutual funds are important sources of capital across every sector, and if they're taking big losses on NVDA, GOOG, and a portfolio of privates, it will have a chilling effect on their other activity.
Also keep in mind that the biggest companies during that bubble had peak market caps of ~500B and then lost ~90%, so 400-500B in losses each and total internet related losses of a couple trillion. If NVDA lost 90%, it would be down 4 trillion dollars, or twice that total just by itself.
AI company valuations collapsing would have meaningful impacts on the broader market. Big pension/mutual funds are important sources of capital across every sector, and if they're taking big losses on NVDA, GOOG, and a portfolio of privates, it will have a chilling effect on their other activity.