i totally agree with your assessment. i see it from a macro view and basically it's smart $ vs. dumb $ the smart $ invests and/or puts seed money into a variety of start ups for whatever upcoming narrative they have planned (pharma, green energy, war, ev, etc.). then they get their friends in government, news and academia to push the hyped up narrative for a few years. then as these companies become a little bigger in the background and become publicly listed all the institutional money that controls hundreds of billions have been instructed to invest into these bullshit narratives. as they do the initial investors make insane returns and dump on the dumb $. then the narrative falls apart and the dumb $ loses again and again. rinse and repeat.