I heard an idea from "Economics Explained" that since the Fed is pumping money into the economy it is inflating stock prices, even though the CPI has gone down

I heard an idea from "Economics Explained" that since the Fed is pumping money into the economy it is inflating stock prices, even though the CPI has gone down slightly. The intrinsic value of AAPL ~ $288 now is not the same as AAPL ~ $288 late December 2019.