(Bloomberg) — Netflix Inc (NASDAQ:). Walt could be overtaken soon Disney (NYSE:) Co. in market value for the first time since last year, after the amusement park owner’s earnings stoked concerns about slowing subscriber growth in its streaming business.

A 25% advance since the end of July has boosted Netflix’s market value to $287 billion. Disney will see its market share shrink to approximately $300 billion by Thursday’s markets opening. Premarket trading fell 4.9%.

While Netflix’s subscriber growth has been boosted by hit shows such as Squid Game, additions to the Disney+ streaming app missed Wall Street estimates on Wednesday evening. Disney World owner Mark Zuckerberg has designated the streaming family product as his main growth focus in the next few years.

To Morgan Stanley (NYSE:) analyst Benjamin Swinburne, streaming is key to Disney’s investment case. His overweight rating “is based on the view that Disney is one of a shortlist of global streaming platforms that can achieve significant scale and profitability.” But he doesn’t see that priced into the shares yet.

Wall Street tends to be more bullish about Netflix than Disney. Analysts have bought 78% on Netflix while none of them recommend selling. 73% have recommend Netflix to buy, 5 have recommend Netflix to sell and 78% have recommend Netflix to buy. The average price target implies a 15% upside for Disney, and 5.3% for Netflix.

Widening Premium

Netflix shares trade at a widening premium to Disney’s based on Wall Street’s preferred valuation measure, enterprise value to projected earnings excluding costs like interest and taxes. Netflix is priced at about twice Disney’s enterprise value to projected Ebitda, according to Bloomberg data.

Geetha Ranganathan is a Bloomberg Intelligence senior analyst. She says that the reason for the premium is a disparity in how much revenue each company generates per streaming subscriber. Netflix subscribers generate almost three times as much revenue per month as Disney+ subscribers.

“Disney’s singular aim was to garner that Netflix-type multiple, and they’ve succeeded mostly,” said Ranganathan. “The big question is whether Disney can continue to exceed expectations for streaming subscriber growth without sacrificing profitability.”

Rivian’s Starry Debut  

There is another valuation argument right now. Rivian Automotive Inc (NASDAQ:). Following a rush of investor purchases, electric vehicle manufacturer Tesla soared 29% during its initial day of trading. Despite not having any meaningful revenues, that boosted its market capitalization above Ford Motor (NYSE:) Co. to $86 billion.

Rivian’s rally continued on Thursday with a 9% increase in premarket trading. It was the most-traded stock on Fidelity’s brokerage platform on Wednesday, with buy orders totaling nearly three times second-ranked Tesla (NASDAQ:) Inc.

Rivian’s surge outpaced the average performance of this year’s technology debuts, which have jumped by an average of 23%, according to data compiled by Bloomberg. Rivian was among the top tech IPOs to have raised more than $1 billion. In June, Kanzhun Ltd. surged 96%.

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