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> can raise $13B at a 20x revenue valuation is not the bubble indicator you think it is.

What a minute. Isn't this the very definition of a bubble?

20x earnings is not that insane for a fast growing startup. Now Tesla and Palantir at 100x earnings is insane.

Tesla and Palantir are both propped up by the federal government, kinda poor examples.

Yeah maybe, but the point is there are plenty of public companies trading at a 20x earnings multiple

20x _earnings_ wouldn’t be, but that’s not what we’re talking.

Do you think some arbitrary multiple defines a bubble?