The longer I’m in the market the more I realize George Soros was completely correct with his theories on reflexivity.

> Reflexivity theory states that investors don't base their decisions on reality, but rather on their perceptions of reality instead.

Meme stocks, Covid crash, Tesla stock, the SP500 for the last decade, NFTs. None of it is priced correctly because humans are at heart greedy, fearful, irrational. I think the trick is to figure out how to use that to make money.

There's quite a bit of academic literature on the long term overvaluation and underperformance of "growth" and especially "small cap growth" stocks, sometimes explained by their popularity as pseudo lottery tickets. Over almost all rolling 25 year periods across the past century, "value" stocks (the X% of the market highest in current earnings, cash flow, etc.) outperform the broader market including these growth stocks. Search "the black hole of investing."

I am a little bit more optimistic now knowing they are going to US for its IPO instead of LSE. Which tends to host crazy valuation with much more volume and investor willing to bet on technologies. Still, not entirely convinced it could do $40bn+. I actually think there are enormous opportunity for GPU, but they dont seems to be interested.

I also sort of disagree with Value investing as a bygone era. It is just I have yet to see any one who does value investing actually understand anything about Tech. Because it is not something simple enough like Coca Cola or McDonald, so they are much harder to evaluate.

But Yes, it will be fun to revisit this thread then. :)

And I forgot to mention about the Server part. Although it is not clear how much of an impact compared to the volume of Mobile Phone.

I think you're right about this IPO, but we could be heading into a very different paradigm with the rate hikes coming.