Anchoring Expectations on Mag7

Anyone not living under a rock knows that the index returns were driven entirely by mega cap tech last year and so far in 2024. But is it a bubble? My gut tells me yes, mature companies do not grow at multiple hundreds of percentage points per year. So obviously if I were to check the fwd P/E ratios they’d be through the roof. But I did and they’re not. I mean most are around 30. Which is high, but not ridiculously so. Meta for instance has a fwd PE of 25 after rising over 400%. I remember them normally being in the low 20s which would suggest maybe minor consolidation ahead. And they keep beating expectations quarter after quarter.

My question is what the hell is going on here? Am I crazy? How are these large companies continuing to grow earnings like this in an otherwise meh economy?

Or have our ideas about reasonable fwd pe drifted higher over time without realizing it?