Consider the company that is regularly booking earnings, while another is spending all their revenue (and more) on investing for growth. The first will result in a lower PE, while the second will have a much higher PE all other things equal. Most growth companies are more similar to the latter, rarely booking earnings, and instead often raising capital or taking on debt to continue growth.
For growth companies, Free Cash Flow analysis and understanding the balance sheet is typically a better way to understand performance and assess value.
“I think it would be very difficult to overvalue that”
Most people I speak with feel that the market, and tech especially, is overvalued. Put differently, the expectations of returns is so far in the future that they’d rather hold their money back for a nearer term bet.