Keep in mind that the major drag on profitability for many of these companies is labor&#x2F;compensation costs and specifically the war for talent that Facebook started in 2011-ish.  The 22 year old making $150k all in and their 27 year old boss clearing &gt;$300k?  That money doesn&#x27;t come from thin air.  Don&#x27;t underestimate the degree to which the rank and file talent has benefited from the current &#x27;&#x27;bubble&#x27;&#x27;.  If enough downward pressure is exerted to depress salaries broadly across the board then a lot of these companies will benefit.  Note that insofar as part of comp is paid in RSUs then this downward pressure is already being felt as public share prices decline.