How much information is there out there about official financial documents and audited (not self-declared) operational performance? It seems we are getting a second Tesla stock, where any financial multiples is under the market average because asset managers and individual investors want to hedge themselves against missing out.
In a way those equities act as stores of hope, where investors unconsciously agree to value them as if the ideal future path where all the promises are true is the one that will happen. Whereas they are more rational and have a balanced view towards other equities.