There's an intermediate option: sell high P/E stocks and buy lower P/E stocks with dividend paying history. There are ETFs designed for this purpose too.
I am indeed short TSLA (or rather, am taking an inverse position), and have greatly reduced my exposure to NVDA, AMZN, META, MSFT, and AAPL. I keep some exposure to GOOGL, NFLX, AMD, because I believe they are going to "win" in their industry in the long run. I plan to keep exposure to them for like 10+ years.
There's an intermediate option: sell high P/E stocks and buy lower P/E stocks with dividend paying history. There are ETFs designed for this purpose too.