You implied the tech stock boom wasn't due to a low discount rate, yet the valuations today are far higher than tech stocks in the 80s, even at comparable growth rates.

Which makes it plainly obvious that a lot of the valuation gains are, in fact, due to the discount rate, and not organic growth.

3x of Apple's market cap growth since 2018 is a change in valuation multiple, and nothing to do with actual growth of its revenue/profits, for example. Is it a boom if a majority of your gains are due to changing the valuation peg and leaving the rest the same? Sounds more like a bubble to me

Though my point is more directed towards the 100x PS companies, which are a far more egregious example of overvaluation