[ABS]

P/E ratios (so far) say otherwise: all the big tech public companies have reasonable P/E ratios and are investing heavily their profits in contrast to, say, the dotcom bubble when over 40% of the companies had P/E ratios unsustainably over the moon.

Are there a gazillion companies riding the "AI everywhere" wave to raise money? yes, yes there are. Will most of them fail? sure.

But the big players are fine at the moment so there is nothing that can burst very hard (yet) and the difference is in the denominators which are, so far, going up.

Of the top ones only NVIDIA and Amazon have P/E ratios a bit too high and among the top 10 only AMD's is way too high.