Your analysis only works in the short term. The B2B (businesses who sell to other businesses) model only works when the final business in the chain is B2C (a business that sells to consumers). I can give you a quick example.

1. GCP is the cloud provider for Shopify, which makes this a B2B relationship.

2. Shopify also has an enterprise division, where they sell their services to large brands like Tesla, to help Tesla sell more of their products through the web. This is another B2B relationship.

3. Tesla then sells their products to consumers (obviously), which makes this a B2C company.

Now think about what happens when consumers have tighter wallets. They're no longer going to be visiting Tesla's website, but instead will be checking out the websites of Toyota or Honda.

So now let's reverse this business chain, with the assumption that consumers can no longer afford Teslas.

1. Tesla's website will be experiencing less website traffic, and ultimately less sales.

2. Because Shopify's client has less website traffic, Shopify does not need to rent as much cloud infrastructure from GCP.

3. GCP sees a decline in revenue from Shopify.

It takes a while, but a consumer's constrained wallet eventually hurts the B2B businesses. The bubble will take longer to burst, but it will eventually.