Overvalued based on what metric? I think it no longer makes sense to evaluate a stock based on earnings per share if that company never or almost never issues d

Overvalued based on what metric? I think it no longer makes sense to evaluate a stock based on earnings per share if that company never or almost never issues dividends. It seems the modern strategy of these mega-companies now is just a perpetual growth machine or at least the appearance of such. Investors prefer asset appreciation to get those sweet low cap gains tax rates. Or even better, the ability to borrow against your shares in order to perpetually defer taxes. So, overvalued in that it will never have enough revenue to produce a good return on investment by distributions to shareholders, yes. But overvalued in that the asset price will continue to appreciate and produce huge returns for a long time to come? That remains to be seen, but it has certainly done that so far.