Please explain to me why people say we are at a sort of dotcom bubble, when P/E is the cheapest it has ever been?

I went to compare the P/E of some mega companies that exist for a long time like INTEL/JPM/Netflix/FB and you can more or less do it with any big name.

And I didn't find a single point in time where the stock was cheaper than it is today, by cheap I mean P/E ratio.

So for me it is weird that people say stocks are overvalued and need a correction and its just the start and they need to get down more 50%.

I mean if INTEL goes down 50% more just the dividend alone would be around 6% which is insane for tech company (or almost any company) and the P/E would be like 4 P/E which is just funny.

There are some way way way way way overpriced companies like TSLA that can drop 90% and still be overpriced I agree with that, but the broader market is actually cheap, like really really cheap.

What am I missing? at the dotcom bubble people paid extreme premium to buy companies, now companies are worth pennies compared to how much money they make, I don't see why anyone would think we are in an overvalued market