Why are companies prices have fell?

I heard another theory of why are stocks have gone down. It is that the narrative has changed. A lot of stock pricing is psychological. The most glaring example is the late 90s, where people were paying enormous amounts for companies that were garbage, because they thought it is a new economy. The narrative changed, and those stocks got crushed.

I am going to take the word of this group, that these stocks are not like that. That they are great companies which will be game changers.

It is possible that the narrative changed, and that investors are no longer willing to pay a lot for companies with a great future, that are not earning any money, and that We works was the catalyst that set this off.