There are other examples where valuations are even more unreal -...

There are other examples where valuations are even more unreal - take $GRR for example (even though IO example) - last week traded at almost negative EV, 530MC with 500m cash in bank, and still making around 90-100m gross profit a quarter. On the other hand (and with a big contrast - cybersecurity), companies like crowdstrike in the US can trade at valuation of $63b and make only $850m revenue and net loss of $200m. Unfortunately all major goldies here broke their longterm trendline support and will go down - will be an opportunity of a decade sooner or later and will slingshot when it corrects up.