Can someone explain why Costco is trading at 48x earnings?

Is the market just going crazy right now and anything with a “value” bend is being bought up and anything with a “growth” bend is being sold off?

Costco is trading at over TWICE the P/E of Alphabet, 1.5x the P/E of AMD, and close to the P/E of NVDA. These are all companies with literally 10x the net margins of Costco, and significantly higher growth.

How in the world is the market valuing Costco so high?