But at the same time, maybe they are doing the correct analysis.
"If we stay here and grow fat the others will eat us. To infinity and beyond!".
100 years ago your business was your warehouse or your locomotive. These days, maybe your business is defined by your rate of change?
This is the most absurd and also true observation I've read on HN in a while.
As the rate of technological process accelerates, maybe it becomes possible to justify a company's valuation on a never-ending succession of "And then..."s.
Granted, that ended poorly in terms of stock prices for the .com bubble, but mostly for companies that weren't financially solvent enough to withstand higher interest rates + a public market downturn.
And it took a conflation of multiple events to pop that bubble (Asian instability, moderate US interest rate hikes, 9/11/2001).