The thing is, the TCI.
I agree with you, there are always many factors and no one only answer.
My comment below refers to this TCI factor.
At the time when the tablecloth wasn't ironed, the ecosystem didn't exist nearly as much as it does today, there weren't nearly as many patents filed, there were no products in testing as today, no university for the foundation of the future sending their students out into the world, no ARM no Intel no - the list is long, the SP was 45% above what it is today and was by no means hyped. Take a look at the chart at the time. Argumentation about applicable factors or not. For a long time I thought of an evil player knitting his plan. Several times I was appeased and I adopted this attitude.
Nevertheless, the SP now is, in my view, largely a result of manipulation, and accordingly has to do with other factors.
I am anyway in love of SNN, TENN, cortical columns, event based and all that stuff.
And I don't give a damn about old tec like Nvidia. I'm still thinking about the photo of a humiliated CEO of the hottest Ai company in the world.
Your creativity and creation with words gets to the heart of the matter. I just call it the TCI factor.