It's entirely possible. Earnings are historically high, and the Fed has been pumping money into the economy for over a decade. But it hasn't translated into higher consumer inflation, which has actually been below the Fed target. So the companies are earning money without raising prices, at least on the consumer basket of goods.

FAANG, as you say, are B2B and don't show up as inflation. It's entirely believable that that's all fake money that will disappear from the market when the going gets tough. Whether it will come back... well, you probably don't want my complete unfocused brain dump which all comes down to "I dunno".