1/ In all bubbles, there's always a "leader".
In the 90s, it was led by fiber optics, promise of high speed internet and advanced infrastructure - fueled all kinds of tangential crazes (routers, modems, CPUs, memory, fiber makers, fiber owners, spread to "who else can benefit"

2/ which led to dreams of what could happen if ecommerce became a big thing, which drove crazy valuations of companies with nothing other than a dot-com name

in 2005-2008 rally, it was a literal "land grab" for real estate.. but not just real estate, also commodities

3/ and the tangential plays there were around who could produce, build, distribute, etc, and how the growth in financing these activities drove record high "one-time" gains from sales of repackaged securities

4/ what is it this time? this time, I think we've been led by the achievement of profitable growth of many major tech companies, migration to cloud infrastructure, and now we've thrown crypto into the mix

5/ there are arguably more "irons in the fire" right now than the prior two bubbles, although the first case (tech profitable growth) are now basically "value stocks".. but their lead has created a dream of who else can achieve these massive outcomes

6/ for crypto, every time crypto goes higher, it sparks a vicious cycle: crypto mining requires MASSIVE computing power. And the higher crypto price is, the more computing power is needed (hash rate increases to "protect" the network)

7/ with Bitcoin and others rallying, you can be sure the amount of GPUs, memory, even CPUs and related, will go through the roof.. which will again create the tangential scenario demands, and the "capital created" just gets to gamble on more of the other areas....

8/ like these smaller tech "startups" with less than $1bn trading at 30-50x, sometimes 100x revenue.. and those increases just fuel the rest. This is how all bubbles form - the capital appreciation is recycled back into the bubble.. Soros referred to this as "reflexivity"

9/ its getting frothy, but could continue quite a while longer... so anyway, good luck out there!