Markets are not driven by intrinsic value. With modern liquidity, the dynamic today is driven by relative future value.
Relative future value is a measurement against today's companies in the future global economy. The reason everyone has assigned a meteoric valuation to semis is, of what's known of the economy in a decade, we can be sure they will be critical.
As new economic value is driven from unpredictable sectors as all this compute and storage comes online, liquidity will shift into those sectors. You could argue this is simply a out growth, but it isn't that simple. It's a predictor of growth relative to the share of economic value a company will have, later.
Today's valuations exist due to the absence of knowing those upcoming sectors. Exit liquidity will accelerate as we identify what's next - I'd argue stalwarts like MSFT and AAPL have a great chance of catching that acceleration. These companies have incredible intrinsic value as they are. It's been heartening to see AAPL rising, a semblance of sanity imo.
But for now, liquidity is stored up in semis, and it's only going to get frothier.