How can this be different than the dot com bubble

People are saying that today's companies are highly profitable but they literally aren't. Spacex and all of those other meme space companies like ASTS and RKLB don't make one dollar in profits. Everything is just driven by memes, vibes, and hype.

OpenAI doesn't make any money. Tons of meme AI companies like coreweave have never made a profit either. It's just endless debt.

I'm not a bear and I don't have any short positions, but it seems to me like we're in the exact same situation as 1999 where there no profits.