Those are P/Es, not P/S.

If Zapier nets 25% after taxes, it’s valuation is 150x earnings.

And Shopify, Square and Tesla’s valuations are even more absurd.

Mentioning these 200-1000 P/E companies, as others do, is such an oddity, because there are 500 other companies with 0 earnings or negative P/E that are worse in that aspect.

To invest successfully you don’t pay a high price saying “well there are worse companies at worse prices out there”.

Valuations are always determined by the NPV of future earnings, discounted for time and cost of money. Given rising interest rates all of these valuations will get slashed substantially.

It’s a bubble, after the internet bubble it took Amazon 7 years to trade back to its bubble price. Cisco never has.