Is the tech sell off overblown? GOOG forward P/E (20) is now the same as McDonalds (20) and slightly more than a quarter of TSLA

The last week or so we have been seeing hedge funds rotating out of tech and into small caps, with Russell 2000 goes from flat for the year to up over 10% whereas the Nasdaq got hammered. GOOGLE, who released earnings on Tuesday, beat top and bottom line, but the stock got crushed. There are worries about their AI spending in the upcoming quarters and with the launch of SearchGPT, people are worried how that would play out for google search.Google has multiple streams of revenue coming from search advertising, youtube, Google clouds, google play, Waymo (self driving taxi), Android, etc. So it would only make sense Google demands a higher multiple than a fast food chain like McDonalds.

On the other hand, Tesla, a car company pretending to be a tech company, is trading a 3.5 times the multiple of Google. I personally have a Tesla but that was probably the worst financial decision I made.Either GOOG is massively undervalued or Tesla is massively overvalued. What is your take on this? Thinking on loading up Google tomorrow, but not sure if it is too early since the market is often irrational longer than we thought.