I think the answer is closer to this, and also a lot scarier. There are vast swaths of the economy that have got to be over-leveraged and just weird from all th

I think the answer is closer to this, and also a lot scarier. There are vast swaths of the economy that have got to be over-leveraged and just weird from all these years of low-to-negative interest rates. We really don't know where things will be at until we have to turn up those rates, and the Fed is walking on a precarious tightrope. If interest rates go back to where they were in the 80s, it could be a bloodbath in the streets. That is why rates may end up going slower (in the grand scheme of things) than we might expect. There is a plausible scenario of the entire economy being in the VC heat-death scenario in the 80s that older tech folks had previously been expecting, but has been pushed out hitherto because of the combination of easy returns and easy money. Then of course there's how it will play out in tech. Historically, returns in tech have indeed been driven by VC capital, which is one of the more speculative areas of the economy. But speaking as someone working at a company that isn't a FANG, it seems that there's a chunk of tech that has become more like traditional finance in terms of its microeconomic structure. You have highly leveraged workers whose labor is being amplified by a combination of machines and capital, but the capital isn't so much speculative as it is boring and predictable.