There are massive amount of money pumped by the Fed, however these money doesn't circulate in the economy quite yet. So these money basically sitting around in the banks and no one willing to borrow it, spend it. Pandemic totally stop the circulation of money to the lowest level in decades. Comparing the Nasdaq, S&P500, and Dow Jones index to the M2 Money Supply, we know that tech stock are moderately expensive compare to other stock, so correction is expected. On the long run we are still quite bullish.