Apple almost went bankrupt in 1997 when Jobs came back. It had to take a $150M investment from Microsoft to keep afloat.

https://www.xda-developers.com/27-years-ago-microsoft-bought-150-million-worth-of-apple-stock-after-the-company-almost-went-bankrupt/

Guess where all that COVID stimulus money ended up.

Definitely not a bubble.

This looks like all those inflation numbers were too low.