There are lots of factors that can influence PE but if your long term investing thesis is that retail traders will always love NVDA the most (and won't move on to the next hype train, as they did with TSLA and many others) that seems... unlikely?
If you can predict the next hype cycle or when exactly this one will end, you will make a zillion dollars.
If you are talking about entire markets rather than individual companies then p/e matters because the only examples we have of markets with extreme p/e ratios all ended in disaster.
You should still buy stocks for the long term regardless of PE ratios because you're right, it's not possible to predict what they'll do. Unfortunately when you buy at a high pe you can't anticipate as much return in the future, all else equal.
If you can predict the next hype cycle or when exactly this one will end, you will make a zillion dollars.
If you are talking about entire markets rather than individual companies then p/e matters because the only examples we have of markets with extreme p/e ratios all ended in disaster.
You should still buy stocks for the long term regardless of PE ratios because you're right, it's not possible to predict what they'll do. Unfortunately when you buy at a high pe you can't anticipate as much return in the future, all else equal.