The stock market has many stocks. Many will crumple and suffer from higher interest rates, less globalization, etc. However people who got used to investing in the market easily are not going to move their money elsewhere for a while if at all. Instead it seems like many are pulling money out of index and small cap and moving them into a handful of monopoly stocks, thus concentrating the gains and potentially creating FOMO. Some stocks do well even in down markets and with high interest rates on real estate, they seem an easy target.