The Stock Market Boom Is Not a Stock Market Bubble Is It?

What does account for the stock market boom that we experienced haven't priced earnings ratios. The price earnings ratio has not gotten to the levels it did in the late 90s at sort of the height of the dot-com bubble but it's certainly elevated looking at the long historical trend. If you look at specific stocks like Tesla I think it's obviously or I mean an even pure example would be like a GameStop right or some of the pure meme mime stocks there are elements of speculation irrational and zuberance.