Chewy.com

Chewy is the latest stock analysts love but can't afford

Data: Investing.com; Chart: Axios Visuals

Chewy was the latest stock to become a victim of its own success.

The big picture: In a familiar pattern for companies that have seen share prices skyrocket after their debut in public markets, a slew of analysts released largely upbeat ratings of the company, but warned that the stock may already be in overbought territory.

Unicorns are real, and they're stampeding

Unicorn stampeding ahead.
Illustration: Lazaro Gamio/Axios

They were called "unicorns" for a reason: No one really knew whether Silicon Valley's fabled billion-dollar valuations were real, or whether they were a mixture of delusion and financial engineering that would evaporate upon contact with harsh public-market realities.

Flashback: An influential paper in 2017 declared that, properly valued, most so-called unicorns were actually worth less than $1 billion. The paper downgraded Zoom's valuation to $500 million from $1 billion. Other unicorns imploded either before they went public (Theranos) or afterwards.