Why do so many growth stocks have a p/b of less than .1 now

I understand that as the cost of capital increases unprofitable companies will be hit the hardest but it feels like there is a major disconnect in the valuation of the top 10 companies vs many of the growth companies. Apple is trading at a p/b of 48 and a forward p/e of 28 yet are doing little in terms of innovation and are just sitting on their cash while I can think of probably 30 companies I probably can’t name here due to market cap with years of run way based on current cash burn and innovating rapidly in a untapped market being valued less than like they just declared bankruptcy. Apple seems more like the coke of our generation but it’s valued like it’s Airbnb in 2020 while the apple of the next generation is probably trading at less than its liquidation value