Is Spotify currently insanely overvalued?

I made 6x on my Spotify stake since November 2022. The stock performed incredibly well for me. I like how the company runs its business and believe Spotify has an interesting moat with its AI advancements and its broader offerings in podcasts and audiobooks.

However, with a current P/E ratio above 140, this valuation feels excessive. I decided to close my position today. I’m not complaining—the stock has done great for me—but I can’t help wondering if I’m missing something? Even with projected 30% year-over-year growth and improved gross margins, isn’t this valuation still a bit unreasonable? Any interesting thoughts on this one?