It's at a P/E of 95, which is high but not bubble levels. Doubling their earnings twice seems achievable with the AI hype and everything.
Meanwhile, Arm is at a P/E of 1650. That does seem completely unrealistic to me, also considering that they aren't even at the forefront of high-performance ARM designs themselves (that would be Apple, and they have a perpetual architectural license, I believe).
The second they squeeze on the licensing fees too hard, maybe due to pressure from shareholders to deliver on that valuation, they'll catalyze the creation of a RISC-V based opponent.
