You're looking at the wrong board despite thinking about the same game.
The clearer answer is: the US stock market is denominated in dollars.
If dollars devalue, then the price of real assets and equities in dollars increases (i.e. equivalent value, different number).
It's entirely possible two things happen at once: (1) US companies become less profitable and competitive due to tariffs (thereby decreasing their objective value) & (2) US dollars devalue (thereby increasing assets value in terms of US dollars).
Realistically, persistent inflation, international willingness to buy US government debt, and/or consumer confidence will be the things that collapse everything. (Or not)
You're still likely right as things must always come down but what if it doesn't.
If that isn't a bubble I don't know what is.
Remember, the dotcom bubble didn't mean the internet was a dead technology. It meant that money was being invested into ideas that didn't pan out into profit.
