Uh huh.

Pretending that any of this is some traditional idea of investor sentiment is such a last decade way line of argument. Please don’t insult us both pretending real people and their motivations are what drive the markets.

Some of it is due to the explosion in options trading and the resultant hedging by market makers, but large institutions still have valuation models based on fundamentals that they trade on.

It’s entirely possible that the market is wrong about RDDTs future growth, and in that case the P/E will come back down to earth.