At what point does belief stop being speculation and become a fundamental?

Is belief a speculation or a fundamental?

We usually treat belief as something separate from fundamentals. But if you strip markets down to their core, every financial asset ultimately depends on collective belief. Someone has to believe that a stock, bond, currency, commodity, or token will be valued by someone else tomorrow. We simply give different kinds of belief different names. A trillion-dollar corporation has “investor confidence.” A blue-chip stock has “market sentiment.” A memecoin has “delusion.” But underneath the different language is a similar human mechanism: millions of people collectively deciding what something is worth. So where exactly does rational conviction end and collective delusion begin?