Your question is vague and you didn't explain your point of confusion but consider the fact that securities laws are not fungible between nations.

first time? Welcome to the irrational SV investor world. Its about hype, perception, politics, perceived future returns, not actual market fit and the proven viability of a technology. Its pets.com, myspace, and NVIDIA pumps because people want to 10x the money now.

Everyone and their dog has been saying its a bubble, there is no moat, this is all known techniques being scaled (very inefficiently) onto increasingly expensive hardware clusters at exponential cost, etc.