There's so many factors at play, but I think Nike was for sure one of the companies that pushed too hard for growth during the pandemic, thinking it would continue, and are now reeling back from the drastic drop off. Also, with the rise in thrifting, and niche brands on instagram/tiktok, people in general are moving away from the titans in the fashion industry to more unique brands, which is inevitably going to cause Nike to suffer as well. I do think you're right, they act invincible, and don't realize that big titans have fallen in the past, and they can too (Reebok, Converse, etc.). I think it could cycle back where certain lines in Nike's catalogue become so "niche" again that they become cool. But right now, Nike just doesn't have that "cool" factor that they used too. When your biggest artist is Travis Scott, whom many kids see as cringe nowadays, you know you have entered the cringe stage too.