To scale the parabola \( y = x^2 \) vertically by a factor of \( \frac{2}{3} \), we need to multiply the entire equation by this factor.
Starting with the original equation:
\[ y = x^2 \]
We multiply the right-hand side by \( \frac{2}{3} \):
\[ y = \frac{2}{3} x^2 \]
Thus, the equation of the new parabola is:
\[ y = \frac{2}{3} x^2 \]