Yes. When the first dot-com bubble burst, my father was working on semiconductor manufacturing machines.

The machines worked fine. They worked just as well the day after Webvan went bankrupt as they did the day before. The business was cashflow positive, not some crazy gamble.

But suddenly the chipmakers realised they had more capacity than they knew what to do with, and put growth plans on hold. At the same time, understandably, a lot of investors decided to get out of tech stocks.

Even the largest boats rise and fall with the tides.