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Arm Holdings (ARM), which has a P/E approaching 500 at this point, just keeps raging higher. With something like this with almost no history, one can only offer the insight that it will keep going up until it stops. I will say, however, that new highs tend to beget new highs, and as the Internet bubble aptly proved, there’s really no way to tell precisely when a crazy stock will top out, stop falling, and never look back.

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