To me those are the real signs of a bubble: NKLA's share price continuing to grow with a total lack of evidence the company is anything besides a complete fraud, or also ZOOM's share price spiking because people confused it with ZM (the actual ticker symbol for the video communication company).

If those aren't signs of a deeply irrational market, I don't know what are.

No mention of peloton? The big problem is the umbrella of “tech stocks” includes an increasingly diverse set of companies that have little in common. FANGs are an example. Movies, advertising, consumer electronics, online retail, but we talk of “tech” stocks being too high or low as a group. Microsoft is not peloton. Amazon is not zoom.

I think peleton is in a different class because at least they have a real product which people like to use, and good brand perception overall, but the valuation is also probably out of control.

A lot of it will be FOMO.

Noone wants to miss out on the next Amazon because people are greedy.

Tesla itself is priced just now as if it is the next tesla.

I'm not sure Tesla is going to become the next Tesla.