The basic thing to understand about Wall Street is that stocks go up and down largely based on how people feel about things, not based on any real quantitative reasoning.

A company posts record profits? Stock goes up. The amount it goes up isn't based on how big the profits are really other than the bigger the number the more people like it.

If you want to see this stupidity in action, at one point Tesla was valued more than every other car company on the planet combined.