I would go as far as to say that it has the same level of scalability as nodejs
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Whenever someone says PHP doesn’t scale - just point to Wikipedia or any NSFW site ever as proof that’s baloney. Facebook and Slack still use tons of it internally.
If someone says server-rendered HTML doesn’t scale or hurts conversion, or that we truly need a SPA to maximize sales - just point to Amazon and eBay, as proof that’s baloney.
Most colloquial programmer wisdom, I have learned, is baloney.