History does repeat, but often with a twist. Could this be what I have missed in my analysis? A stock market crash or reset is typically the definition of a final wealth transfer... of the bag holders who buy the hype and allow the wealthy who convert their overvalued stocks into liquid money. Perhaps this time, the intermediate stage of wealth transfer will be the owners of tech stocks, then when the final capitulation finally arrives, the might FAANG will also fall.
This is how the long term story always has been and I don't think the conclusion will be any different this time. Good luck riding the final parabolic rise, or the crash. Maybe holding cash is best still.