The thing about the .com crash is all the investors were mainly right, besides some ridiculous things. They were just too early as the web didn’t have critical mass until 10 years later and today’s web makes the one of 10 years ago appear quaint. Because of that critical mass I think a similar crash is unlikely across the entire sector.
I don't know, I thought pets.com was stupid then, and chewy.com is stupid now. The main difference is the Chewy guys were smart enough to cash out before the bubble burst again, rather than spending their cash on stadium naming rights.
I have no skin in the game, but I buy things on Chewy because I trust them more than Amazon to not surface cheap crap, and their reviews are better. I checked and it looks like they're revenue positive with >500M cash on hand. They may not be worth their current stock price but I imagine they're going to survive as a company just fine.
VCs are now demanding real revenue these days. Same for public companies. You can still be losing money but as long as there is real revenue growth then it works. Eyeballs or app installs isn’t enough anymore. That’s why I don’t see a crash either.
