I hear what you're saying with the case for inflated fundamentals, and we are for sure in a super bubble as you said. The examples you note are also pretty good

I hear what you're saying with the case for inflated fundamentals, and we are for sure in a super bubble as you said. The examples you note are also pretty good points of data for your case. But think about the other side. If Instacart would've been invented by Kroger (or any other grocery blue chip), why wasn't it? There's a reason why that's the case, and that is the premium that investors are paying for. An enormous part of the bull case for Instacart, much like other tech companies, is that they are highly leveraged marketing operations which operate on zero marginal cost of distribution. Granted, Instacart is definitely more of on the operational side than pure marketing, but you could say the same thing about Amazon. Amazon's advertising revenue line has experienced breakneck growth over the past few years; from what I hear, the same is occurring with Instacart. If you put all of that together, it doesn't really make sense to compare Instacart to a blue chip company that operates in its space because they operate completely and allocate capital completely differently. You wouldn't compare Amazon to Sears.