The Seven Sisters and the Shifting Sands

Nvidia and Meta Platforms, in particular, have begun to trade at valuations that, if one were to squint and recall the exuberance of recent years, seem almost… reasonable. It’s as if the market, sated with their earlier gains, is now demanding a reckoning, a pause for breath before the next surge. The question isn’t merely about price, of course, but about the enduring capacity to conjure growth from the ether, to defy the relentless march of entropy. Forward price-to-earnings ratios, those slender reeds that attempt to measure the immeasurable, offer a glimpse, but they are, at best, approximations of a far more complex reality.







