Tech stocks and their real value

Tech stocks are like pharmaceutical stocks, they require a lot of R & D expenses before it will be able to produce a product that may or may not suit the needs of th market. As a result, speculation seems to be one of the way that these companies used to fund their research. However, I seemed to see a similar trend in property developer stocks. Many of these companies prefer to hype up their holdings in order to gain the attention of the stockholders in order to encourage the ignorant shareholders to speculate their stocks without doing more intelligent thinking and deeper study on a company.