current profits (The actual measure of value) that would justify their valuation

That's...not how value works at all. If it was, all of these rapidly growing companies that haven't made a profit yet would be worth zero. Would you pay $1 for any of the big AI labs? I sure as fuck would.

Value is more about the present value of future cashflows. And it turns out that estimating future cashflows of extremely fast growing companies is really hard.