Valuation Risk / Overvaluation Narrative

Post-earnings stock drop reinforces overvaluation thesis. Morningstar cut fair value to $285 (from $290). DCF intrinsic $249 vs current ~$319. 35x forward PE warning. Analyst average target $330.82 below price. Barclays downgrade on supply headwinds. Put protection building at $330 and $317.50 strikes. Insider selling noted. Stretched 38x P/E vs 29x average; downgrade calls emerging. $500B market cap wipeout adds pressure.