55% of the S&P is held up by the Magnificent Seven. That's something to think about. They're starting to lose influence and early adopters are switching to SLM's, instead of LLM's, which are easier to integrate in their systems and in phones. And the chips and servers they invest in have a smaller lifespan than the investments companies made during the dotcom era. There are also other things to consider, but the point is that a lot of investments are being made, while revenue remains very low. That in combination with the market share they are about to lose, will make the stocks go down eventually.
The only good thing is that the Magnificent Seven uses their own money to make these investments, rather than taking loans. So if the whole thing comes down, at least the banks are safe. Investors not so.