A strong economy and a falling stock market are not a contradiction. They become a contradiction only if I assume a share price responds to growth and nothing else.
Wednesday was a useful reminder that a company can receive better demand news and a worse discount rate at the same time. For a mature business collecting cash now, that trade-off may be manageable. For a business spending heavily today to generate uncertain cash much later, the financing side can dominate.
That does not make every selloff in growth stocks rational. It does mean “the economy is fine” is too small an answer to a valuation question. The question is whether profits grow fast enough, and arrive soon enough, to compensate investors for the alternative return available elsewhere.
I want my models to show that tension explicitly. Raising the revenue assumption while leaving financing costs and the discount rate untouched can make a cyclical boom look safer than it is. The better exercise is to change the assumptions together and see whether the thesis still has room. A business should not need an implausibly convenient combination of strong demand and permanently cheap capital to justify its price.