[unclebucknasty]

Of course, all investments involve some degree of speculation.

But, to be fair I think your question is a bit pedantic. I think your parent is saying that with those companies, there is some way to impute value vis-a-vis products, management, history, etc. That calculus would then inform opinions on resulting price movements.

OTOH, when Bitcoin was at $1, forming an opinion on its price movement was almost pure speculation.