On Growth Stocks and the Curious Case of Multiple Expansion

Been watching the US markets lately, and it's hard not to notice the continued love affair with certain growth names. It feels like we're back in a mode where any sniff of a new tech innovation or even just a decent earnings beat sends some of these stocks parabolic. The narrative always revolves around future potential, the total addressable market, the disruption... you know the drill.

But here's my sticking point: at what point does the 'potential' get fully priced in, and then some? I see companies trading at what feel like astronomical multiples, where the implied growth needed to justify current valuations seems to require them to conquer not just their entire market, but perhaps a few other planets too. Meanwhile, you have solid, profitable businesses, perhaps in less glamorous sectors, plodding along, generating consistent cash flow, and they barely get a second glance. I mean, $BRN is up a good chunk today, $CADJPY made a decent run, showing there's movement elsewhere. But the spotlight is always on those growth darlings. Am I the only one who thinks we're getting a bit ahead of ourselves on the multiple expansion front for some of these US giants? Push back, please; tell me where I'm wrong.