Tech stocks, in order to see good performance, need to show corporate benefits, but with these companies the question is not Can they? but rather Do they want to?

They're owned by single people who have controlling shares, and don't need to listen to the market or even their boards. Normal market disciplinary forces don't really apply the same for them.

The owners are so rich that even if the stock goes down 50% they're not too affected personally.

They may have always been like that, but the stocks were going up so no one cared. Now there might be a renewed focus on Corporate Governance and how the governor responds.

Amazon, long ago, was allowed by shareholders to lose money for years, but they explained where they were going.

Emperors of old.