Exactly. One of the central features of the dot-com bubble were that stupid (as in never-gonna-work / Silicon Valley-the-series) companies were getting massive

Exactly. One of the central features of the dot-com bubble were that stupid (as in never-gonna-work / Silicon Valley-the-series) companies were getting massive amounts of funding. Then, it was because {value} = {idea} + {Internet}. Except nobody knew how much value the {Internet} part added, because the Internet wasn't done solidifying in terms of capability (e.g. "AJAX? What's that?") or connectivity (PocketPC!). Now, the Internet is a pretty well-known quantity. So while Uber and Lyft and Masayoshi Son's portfolio might be massively overvaluing things, the fundamental nature is well understood. Some stupid companies will die, but there are lots of companies making actual money doing actually useful things. And the primary casualties of the dot-com bust are all so consolidated that the tools-impact will likely be lesser too. Amazon/MS/Google aren't going to go bankrupt over softer cloud demand.