> What changed were the expectations of what their profit will be in 5, 10, 20 years.
The funny thing is, that's a bad bet. Large tech company profits can last for years and decades. The archetypal example is IBM. They've had some years or record losses, but overall, look at their yearly profits:
https://companiesmarketcap.com/ibm/earnings/
We're talking about probably more than $250bn of profits over 20 years.
