A decade, and more, ago it was taught that a company with a P/E under 15, with a few other fundamentals checked, was a good investment for a growth stage company.
What? No. It was a good investment for a stable blue chip company.
Growth stocks are always going to be on the high end. 30-50 p/e is very normal, especially with a bullish sentiment behind a growing company. 100 p/e wasn't outrageous if a company was growing rapidly.
What's surreal about firms like Tesla is that they're already functionally blue chip. They've done their growth phase and largely saturated their markets. But they value as though people anticipate Tesla to eclipse Toyota in the next twenty years, absent any evidence to that effect.
None of that matters anymore.
There are a few outlier firms outperforming the pack - the MAG7, specifically - that are trying to claim growth stock status on the grounds that tech infrastructure consumption is preparing to increase rapidly.
Whether that pans out remains to be seen.