For all these discussions that are saying the price of tech is supposed to go down. I think the dominant force right now is currency devaluation. Look what happened to gold prices and for many real assets over the past couple years.

Yes demand is increasing, but I also think something is going on with many currencies. People do not want to hold them.

Additionally USD has really been falling globally.

https://wise.com/us/currency-converter/usd-to-all-rate/chart

~120 --> ~80 high to low past ~4 yrs. a loss of 30%