P/S ratios tell you what the market is willing to pay per dollar of revenue. Not profit. Revenue.

$PLTR at 63x sales means investors are paying $63 for every $1 Palantir brings in the door. Before costs. Before taxes. Before anything.

Compare that to $AMZN at 3.5x — a company that actually prints cash, has scale, dominates multiple sectors, and still trades at the same multiple as the entire $SPX.

Or $GOOGL and $AAPL at 10x — two of the most profitable businesses ever built.

Now look at SpaceX at 119x. That's not a valuation. That's a religion.

High P/S can be justified if growth is explosive and margins expand fast. But it also means there's no margin for error. Miss one quarter, guide down once, and the multiple collapses.

The market is pricing in perfection for the top names. And perfection rarely shows up on schedule.

If you own these, just know what you own. You're not buying earnings. You're buying a story about future earnings. And stories change faster than fundamentals.