For me, "tech bubble crashing" indicators would come from level of investment into new ideas. Right now, SPACs purchase newly incorporated startups. That's goin

For me, "tech bubble crashing" indicators would come from level of investment into new ideas. Right now, SPACs purchase newly incorporated startups. That's going to stop. VC capital is going to get more expensive, which means that the conditions are going to become much stricter before investment. The revenue multiples for future rounds will become much lower. The FAANG behemoths on the other hand have ad based revenue that isn't going to dip - at least from this aspect of the macroeconomic environment. Other things will crater that, if those things are successful on the public policy side. FAANG traders likely will take lower price:equity ratios so the shares will trade lower.