The closest thing to a true or objective value that any stock has is its history of earnings or dividends.   For most stocks today, this is only a small component of the overall price.  The more significant factor is what other people are perceived to be willing to pay for the stock—which is in turn based on their perception of what yet other people will be willing to pay, whether tomorrow or next week or farther into the future.

In other words, contemporary stock prices are based ultimately on perceptions of value, and on the secondary and tertiary perceptions that may be spun off by those perceptions.

If this sounds a bit uncomfortably like group psychology operating unrestrained in a hall of mirrors...well, welcome to the virtual reality of the capital markets.