When the fed is printing money, valuations don’t matter. Just for reference, Rivian is a $100B company with no revenue and potential orders for 50000 cars that they only plan to make until the end of 2024.

In most cases , investors only care about growth. As long as they continue to see double digit growth, the stock will continue to grow . E.g TSLA. It is only when the growth stops that the stocks starts to crash - e.g. Peloton and Zoom .