The Las Vegas Sphere is great and all, I see their marketing on instagram but I genuinely don't understand what's going on with SPHR. Google finance has it at a 110 PvE ratio. Its up 287.08% over the past year.
Depending on which data source you use, the stock is trading somewhere around **70–80x trailing earnings**. For a company with a $5 billion market cap, that's a valuation that I'd normally associate with a rapidly scaling software company, not an entertainment venue operator.
What exactly is the bull case here? These are extremely bullish tech stock ratios.