I thought the substantial increase in interest rates mostly pissed away the fairies and unicorns, and people needed to prove they made real money now.

NVDA is up 200% YTD and was already massively overvalued at the start of the year.

Others do seem to be backing off, but there is still definitely a lot of way overvalued tech out there.

NVDA forward PE is 42.48, which isn't super crazy relative to other big tech companies (MSFT over 30). I suspect ARM's forward PE is double that ratio (>80).

If NVDA's forward projections are correct, and they can maintain that same growth, then there is still room for upside. Personally, I'm not playing this game of musical chairs because I don't think these valuations are sustainable, but as they say, the market can stay irrational longer than you can stay solvent, so shorting is a terrible idea.

Pricing stocks today at what a company might be worth in 10 years is pretty much fairies and unicorns.

Other sectors do not price in the way tech does.

Anyone who is able to reliably predict which stock valuations are actually fairies and unicorns can become insanely rich doing so. With this great insight, surely you'll be a billionaire in 10 years through short selling?