Most people don't care about the fundamentals of equity valuations is the crux of it. If they can make money via derivatives, who cares about the underlying valuations? I mean just look at GME for one example, it's been mostly a squeeze driven play between speculators. And then you have the massive dispersion trade that's been happening on the SP500 over the last year+. And when most people invest in index funds, and index funds are weighted mostly by market cap, value investing has been essentially dead for a while now.

the only correcr answer...

current market is a 100x GME

it's a game, deepseek is just an random event, which may or may not change the storyline

not a single big AI company gain any profit from AI, but it doesn't prevent lines going up

in fact, the price is only about how much companys spent but not about how much companys gained

current buyers are not buying the AI vision talked here, they're buying the price, and will sell the price

so if the lines keep going up, no bother, everyone are happy to let their money sit in hands of hedge funds or etfs

Yeah, GME for instance shows you can only think about it correctly in retrospect (or perhaps with perfect knowledge of all players' intentions).