BofA is also comparing today’s situation with the internet bubble of 2000.

Many indicators look similar, but many circumstances are also very different. In 2000, any internet company could die instantly because it had no revenue. But today, in fact, this group of the most profitable companies is still holding plenty of cash.
It’s just that they may have overinvested and can’t get the money back. In 2000, it was more like a payment-capacity bubble; now it’s a capex bubble.
Many voices online are comparing the present to 2000, but I actually don’t think it’s very likely that the situation will be repeated—being cut in half and then cut in half again seems unlikely. Of course, the most extreme scenario is that the entire United States collapses, but at that point, what comes next would be even more insane.