[sharedbeans]

Maybe, maybe not. Certainly price-to-sales ratio is not a relevant metric when tech companies are enormously profitable and have very high profit margins relative to many traditional companies. And IMO they still have lots of growth potential. Look at companies like Sony in Japan or Samsung in SK, they are basically conglomerates with multiple verticals: not just electronics but banking, insurance, entertainment, automotive. The big tech companies can (and are) expanding into these other areas.

Does that justify there current valuation? Again, maybe, maybe not, I’m not a stock analyst, but if you are just looking at a trailing P/E I don’t think that’s telling the whole story.

And the US market and economy is just structurally different from Europe and other economies. Massive energy abundance now to start with, and also work attitudes/culture. On the positive sides dynamism, willing to tolerate failure, new business formation, and on the (arguably I guess) negative side prioritization of work/profits over personal life and social welfare.