DoorDash has had negative earnings for all but 2 (1?) quarters it has existed, and trades at about $190 a share, despite direct competition from multiple functionally identical competitors.
The market is broken, at least retail investors are benefiting for once.
I don't think you understand the point I was trying to make. The point wasn't that share price is completely meaningless, the point was that it's meaningless without more information.
A share of AAPL now costs $139, a share of GOOG costs $1860. How would you compare the two companies based on that? How does the price of a single share relate to whether or not the company has positive or negative earnings?
Agreed. The difference this time is that the gains are socialized this time, not retained in the fraternity of HF, PE, and IB.
Which is exactly why Wall Street and financial media is denigrating it. They hate that they don't have the edge, or a monopoly on profits in this case.
The market is broken, at least retail investors are benefiting for once.