The stock price is always connected to a future state. The PE ratio is one way to think about that connection. But if the future state is going to be amazing, then the (current) PE isn't really a relevant number. The PE only works if there's normal continuity between the current state and the future.

Or rather, the PE only doesn't work if there's a large discontinuity between the current state and the future. If the amazing future isn't going to show up, then you're left with "the PE ratio is too high".