During the dotcom bubble, Sun Microsystem Price to Sales was 10
Sun Microsystems' CEO looked back at his own stock trading at 10x sales during the bubble.
He walked through the math: at that price, he'd need to pay out every dollar of revenue for a decade, with zero costs, zero taxes, zero R&D, just to return shareholders money at that buy price
"what were you thinking?", he said
Well today retail is even more retarded
$AXTI at 32 P/S
$APLD at 13 P/S
Disclaimer: I am short both