A company's "value" is different these days. People use Facebook (FB) because others are using it, and they know others are using it. Consumers go there because

A company's "value" is different these days. People use Facebook (FB) because others are using it, and they know others are using it. Consumers go there because either everyone else goes there, or they THINK everyone else goes there. If the collective "know" shifts for whatever reason, the value can drop quick, regardless of how many buildings FB owns or how many employees FB has. The market "value" of a company is less tied to physical stuff and tangible property. It's more tied to collective perceptions, and these perceptions can shift like the wind for real or fake reasons (misperceptions), including sheer fads. Too many economic models count physical or tangible property to "value" a company. Instead, the "value" is virtual: in people's heads. And it's circular: if an AI company convinces investors they are great, investors put more money in, allowing them to do better things than AI co's who can't dazzle the crowd. And that could swap if this year's loser happens upon a better dazzle story.