You operate on the assumption that just because a company isn’t claiming profits it’s not growing in value, that is just not how the game is played anymore.

Now, sure, the game they’re playing, “Go into debt to buy everything in sight and claim you’re operating at a loss despite increasing the value of your holdings exponentially” was literally outlawed for being a major factor in the collapse that lead to the Great Depression, but they’ve surely learned from that, right?