Not for all the players. Not everyone has over-raised their fundamentals.

Literally the whole economy has "over-raised its fundamentals" though. Not everyone is going to fail in exactly this way, but (again, pretty much literally) everyone is exposed to a feedback-driven crash from "everyone else" that ended up too exposed.

We all know this is a speculative run-up. We all know it'll end somehow. Crashes always start with something like this. Is this the tipping point? Damned if I know. But it'll come.