FYI there is a reason for that.

Stocks are valued as the sum total of all the profits they ever make (net present value of future earnings).

So even at $1 profit/year - technically worth infinity.

But due to 'time value of money and risk' (aka some risk free discount rate you can put your money elsewhere at get the same return for zero risk, like your bank account), then the infinite sum of those $1/year becomes some finite sum.

The problem wit this math is when profits grow perpetually higher than the cost of borrowing - the net present value goes to infinity.

A P/E ratio = 1/(cost of capital - growth rate). Assuming no dividends.

An investor with 8% cost of capital, a company growing at 3% per year woudl have a P/E of 20.

At 7% growth the value is p/e 100x ...

Any growth over the 'cost of capital' and the P/E goes to infinity because the infinite sum of all future cash flows does not converge.

What this means is that the valuation math breaks down when there are gigantic swings of in growth at rates of even like 30% more for any extended period; it's extremely hard to value.

Verizon is valued as it is because they have an operational lock on a system; they will never grow that much but their returns are predictable. You can spreadsheet their valuation.

All this AI stuff is 'inherently wild' because growth is high, but opaque. Yes, there is a lot of hyperbole and speculation but this is very different than Space X which is a 'Musk Meme' stock, upheld be retail investors.

Edit: this is the most rudimentary articulation of how stocks are valued. It's not made up hunches, and companies that invest a lot in these things have a lot of numeric justification they have to use to make the assessment - and NPV is at the core of it. That 'math' is the first order concept that underlies valuation and it's the hyperbolic nature of growth beyond cost of capital that makes the it come undone which is the mechanical basis for the wild swings. It's what happens to valuation when you make small adjustments in only a few parts of the model.