Revenues are up massively, across the board for the big companies but interestingly enough also for startups like ChatGPT, Loveable, Cursor etc. Which is again totally different than last time where mostly startups were driving the insane valuations.
For the shovels part: Actually Global Crossing tried to sell shovels. But failed since there was no demand and no moat. Now compare that to NVIDIA.
Crazy amount of funding, little to no revenue, no competitive moat, no demand.
Compare that to today, and you see only the crazy amount of funding part is the same.