Half inflation, half hype.

2018 when Apple was first across the threshold, it’s P/E was around 20. Currently near 40.

Then inflation has cut the dollar in half in a bunch of categories. So that would put it at $4T with no growth at all.

Another way to look at it would be to think of this openAI news as announcing they have a $250B valuation if you’re fixated on pre-covid prices like I am. :)

The fed should put the S&P 500 in the CPI basket of goods for inflation calculation.

I’m only half joking.