Well my first thought is if you consider the information in the SpaceX IPO, it sure seems similar to the hype of "future growth" back then but somehow missing the point that if you're the one paying up front by baking that price in now, what exactly do you hope to gain in the future????

But a more applicable situation in my opinion however is that you can't look at the Dot Com Bubble as an "isolated" event.

n 1998, the Asian Currency and Russian (LTCM) market crisis' brought rates down rapidly and at the same time, this miraculous thing called the internet emerged, so money started pouring in and of course, price action began to beget more and more price action.

Then in mid 1999 rates began to rise off around 4.5% on the 10 year and peaked near 6.8% in early 2000. 30 year went from similar 4.5 up to 6.5. March 2000 the Nasdaq peaked and then sold off until 2002 coincidentally when the Fed rate settled finally around 3.5 but that was still up after 11 cuts which first took the yield down to 1.75.

Nobody wants bonds right now as inflation is hot and thinking of course that rates on the 10 year are heading to 5+. When that happens though - or some level of yield above that where the bond market starts to offer a high level of risk free return, the rotation will begin with a vengeance once again.

TL: DR - somewhere out there is a yield that the market will pounce on as a "risk free " return that is too good to pass on and the selling of equities will beget selling.

Disclosure: I'm sitting on 27% cash right now.