A notable difference between 2007 and now is that in 2007, major banks were highly leveraged and held large quantities of assets whose value was highly sensitiv

A notable difference between 2007 and now is that in 2007, major banks were highly leveraged and held large quantities of assets whose value was highly sensitive to increases in interest rates (specifically: ARM-financed mortgages). So when the single-family residential mortgage delinquency rate when from under 2% to over 10%, it was a balance sheet catastrophe for those banks. There's no analogue to that highly leveraged dependence on rate-sensitive assets among the FAANG tech giants today. The FAANG companies are low-leverage, high-return monsters with an incredible 50+% average return on equity in 2021 and a low average debt-to-equity ratio of 1.8. (For comparison, in 2006 Bank of America had a return on equity of 15.6% and a debt-to-equity ratio of 9.8).