According to @EricBalchunas, the Mag 7 group trades at 36.8x earnings, below the 47.3x multiple seen in 2021 and far below the roughly 80x for the 1990s Four Horsemen (Cisco, Microsoft, Dell, Intel) before the dot-com crash (source: @EricBalchunas on X, Nov 21, 2025). For trading context, this indicates mega-cap tech valuations are elevated but not at late-1990s extremes, limiting direct comparisons to the dot-com bubble from a multiples perspective (source: @EricBalchunas on X, Nov 21, 2025). Practically, the lower current multiple versus 2021 suggests de-rating risk attributed purely to valuation is less extreme than prior peaks, though the post provides no forecast or timing guidance (source: @EricBalchunas on X, Nov 21, 2025). The post does not mention crypto; no explicit BTC or ETH signal is provided, and no direct crypto market linkage is stated (source: @EricBalchunas on X, Nov 21, 2025).