This is a profound insight. Of course equity bubbles have always existed through memes to a degree, but this time is different. Zero transaction costs, stimulus and QE and the extension of social network dynamics to trading mean that... https://twitter.com/tek_fin/status/1349435546825863171

...the same pernicious effects on social media have spread to equities and public listing of companies. Because there is an infinite supply of false rumor and a finite supply of truth, the way that information flows is biased towards ungrounded, but compelling narrative...

...so there is now a massive divergence between value and perceived value which is only holding in place as the flow of new money continues to enter the system, and would snap back rapidly if it was tapered.

For investment, there is an opportunity to bet against this without the timing risk of shorting publicly traded companies. The current market favors salesmen and story tellers over makers and designers. So the contrarian bet is to invest in well designed and well made...

... products, not teams that appear slick and have a good story or patter. Note that not investing in stories does not mean that the 'deep tech' option is more viable, as the internet is still about commoditized technology with the right productization and distribution.