The stock market may be in a bubble, but regular stock investments aren’t the same as investing in crypto no matter how much the crypto bros insist it is. Stocks are shares of actual companies that (typically) make things, and they also produce dividends.
All that said, I think the end of QE “forever” is a thing that the C-levels of big companies are still trying to get over. I think it’s much more difficult to find retail investor interest in a market where benchmark rates exceed inflation, and it looks like the AI hype juice is starting to run out.