>>22195597that has nothing to do with it. Valuations still mean something. At the end of the day what you're paying for is earning power, and buying into the AI hype now is saying that not only are the present sky-high P/E ratios totally justified but that the market isn't optimistic *enough*, and that they'll increase their earnings and/or multipliers *even more*.
The technological revolution can happen and still not reward the companies the market thinks it will. The internet *did* change the world, but could you predict in advance who was going to benefit from it? Yeah, tell me how your Nortel Networks shares did.
