[spacephysics]

I agree, however the companies that have a real product will survive longer on average. A real product has a better chance of enduring hardships (bear market/recession) than investor-funded growth companies. We haven’t seen how today’s tech investments will change during a real economic downturn. Last one we had was arguably over 10 years ago.

But with the top X% having far more capital, we may continue to see investments, even in bad economic times. But I think that’s unlikely.

[Nextgrid]

This is only true assuming your product costs nothing to run and doesn't rely on network effects, otherwise the other side will keep offering its product at a loss until you go out of business. They might themselves go out of business later, but at this point your company is already long gone so that doesn't matter.