This analysis is a fairly straightforward Austrian perspective. I would only qualify it to say that this would apply to publicly traded stocks. It's been observed throughout the 19th/20th/21 century versions of the business cycle that stocks tend to rise along with the boom only to seriously correct in the bust.

The funding prior to this latest IPO spree is largely the result of capital not having a lot of good homes in the US economy these days. This is partially the result of low interest rates but also having a heavy regulatory burden on new industry which doesn't exist in IT.