Think about the stock return over a period - its composed of capital gains and dividends.

Now what happens capital gains disappears and perhaps turns into capital losses? Dividends have to go higher.

What does this mean? Less retained earnings / cashflows that can be re-invested.

Apple is the only one that will come out of this OK. The others will be destroyed for if they dont return cash, the cash balance will be discounted leading to a further reduction in the value of equity. The same thing that happened to Zuckerberg and Meta with the Metaverse fiasco.

Firms in the private sphere will go bust/acquired.