[jonnathanson]

The success of technology companies isn't an all-or-nothing proposition. Google is about as different from any given startup as it is from John Deere. Even within the realm of "unicorns," there are those with actual business models (profitable or otherwise), and those without.

What we're really talking about here is the end of a half-decade of basically free capital, which has been funneled into startups willy nilly. As a result, a lot of startups that never should have been funded will fail. Other startups that probably deserved funding, but were massively overfunded and overvalued will also face difficulties. Some startups will survive.

Similarly, some big tech companies are struggling to right-size the investments they made when their effective cost of capital was radically different from where it is today. Some will be fine. Etc.