Except Peloton in its current incarnation isn’t a tech stock. It’s current model is predicated on people buying its equipment (not cheap), and then signing up for a subscription and keeping that subscription. If you look at its financials, its cost of revenue at the moment is close to 65%.
Unless somehow it figures out how to decrease its cost of revenue, it’s going to keep bleeding money. Plus it has ~$1.5 billion in debt, and added just under a billion in the last year.