So in every major market downturn a lot of companies are brought down even those that may not be expected.
For example in the Dot com bubble in addition to tech stocks you had the collapse of Enron and MCI Worldcom.
In 2008 in addition to bank stocks you had insurance such as AIG, big three automakers, General Electric etc.
2020 you had a lot of retailers that had been struggling for years file for bankruptcy.
Here are my predictions of who/what will be impacted:
* Crypto - Too many meme coins and speculation. There will be a massive correction due soon not sure if as severe as 2022 but its coming
* Office Space REITS- some of these have recovered but I don't see their finances improving anytime soon as return to office has been very gradual. Also recent federal cuts will hurt demand especially in suburban office space markets.
* Meme Stocks in particular Tesla and Game stop. Telsa's PE ratio is way too high and Musk's recent antics have hurt future sales prospects. Gamestop also has way too high of a PE ratio. In a downturn people will turn away and its price will collapse
* Broadcast /Cable companies - These companies are struggling with cord cutting. In a downturn this will be first thing many consumers cut. Comcast is very vulnerable. Also any regional sports stocks such as MSGE will get hit.
* Almost every remaining regional retailer that is publicly traded. I'm not sure how many of these are honestly left but any non national retailer that does not have a decent web presence will have a decent chance of not surviving next downturn.
* AI related stocks. Companies have been spending hundreds of billions for their AI buildout. There will be cuts to AI budgets that not only impact NVDA and AI oriented stocks, but any REITs that own data centers, power companies doing build outs
* Oil and Gas companies. US production has increase significantly even after blip during pandemic. Due to higher drilling costs in the US expect any dip in oil price to wipe out a lot of producers especially if they are too leveraged in debt.