In a speculation driven environment, the future earnings of a particular growth company are heavily dependent on investor sentiment. If people want to invest in

In a speculation driven environment, the future earnings of a particular growth company are heavily dependent on investor sentiment. If people want to invest in a company for whatever reason (such as hype), that means the company can raise more money at a higher valuation for a given amount of dilution, and by investing that money it can generate higher future earnings per share.