So, the US GDP is about $30T. Walmart revenue is about $700B, or 2.3% of GDP. Amazon, 2.1%. United Healthcare, 1.3%. Roughly one out of every 20 dollars spent in the US goes to Walmart or Amazon. That’s kind of terrifying.

In contrast to the housing bubble, where a lot of the value was in overpriced houses sold to individuals, this overpricing is almost entirely in tech stocks, and tech stocks are almost entirely owned by by the wealthiest 10%, even 1%. The tech billionaires have limited ability to divest themselves of their own overpriced companies and absolutely will lose money.

None of them are going bankrupt, they’ll all be just fine when the market recovers in a few years, because that’s the nature of capitalism. A bunch of peons, who convinced themselves that the bubble-value of their 401k meant it was safe to retire, will suffer, will have to go back to work - if you’re not an oligarch, losing money is painful.