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The deli had been running this playbook (low volumes giving an inflated cap). But since it got famous? Volumes are actually decent, and the price is still ridiculous. People are apparently deliberately buying into a market failure/scam/whatever-it-is.

It's the same with cryptocurrency, Tesla stock, Gamestop. The market-cap bubbles become a self-justifying cycle. Theoretically everything comes back down to earth, but only when it runs out of fuel. But the fuel is human insanity, which may be unlimited.

The market can remain irrational longer than you or I can stay solvent

Not sure about unlimited. Crashes do happen. Predicting those is the holy grail.

“Fraud creates alpha”

About that deli, it's actually not $100 million any more...

https://www.bloomberg.com/opinion/articles/2021-04-20/hometo...

This is called speculative investing(gambling) and happens in frothy markets. Such speculation occurs in bubbles, and they pop eventually. Its like a game of musical chairs: someone will be left out and hurt by it.