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That's assuming that the market is always rational. It might be in this case but it not always is. See the more or less recent mortgage crisis for an extreme example.

I, for example, don't agree with Tesla's current valuation but I wouldn't be stupid enough to try to compete with Musk's memeing on Twitter.

I’m not taking issue with the valuation. I never short tech companies that could have an unpredictable breakthrough success. For all I know they sell millions of GPUs at high prices to justify it. I’m just saying if you asked what are the biggest companies in the world I would never have guessed Nvidia.

Nvidia has the market cornered but anyone else can do the same thing they’re doing for less. It’s just branding and being first to market at this point.