Unless they have managed to hide a lot of leverage and debt (not investment), that's a problem for their shareholders if they have priced in future growth.

To avoid looping this conversation for the next 2-3 years, we need to get to higher PEs to match the dot com bubble. It's just hard to have a long bubble that collapses without debt and leverage. You need something that compels the market to correct or else the long bubble just stays long. Suddenly I understand why shorting is essential in breaking the back of long bubbles and stabilizing market dynamics.