What else is there? The product as delivered today doesn't come anywhere near a justification for these valuations. All of it is built on an expectation of future capabilities, and that's where the Dario-penned doom papers come in.

In fairness, it is true that there is a correlation such that:

> The more the public panics, the more investors open their wallets.

I don't believe this to be causation, but I can see the correlation.