Nafnlaus 🇮🇸 🇺🇦Tesla has actual fundamentals. They're just not as high as the current #$TSLA valuation. But it's impossible to argue that it wasn't deeply undervalued in the 2018-2019, when people were relentlessly ranting about how the company was overvalued.
Same story with SpaceX.
There's legitimate business there. Legitimate growth business. And Starlink is a cash-printing machine. And you can't just assume "50% annual revenue growth" is unreasonable when Anthropic has been growing 10x/yr for 3 1/2 years running.
But *overall*, it's still way too optimistic.
Most of the valuation is based on X.AI. MechaHitler is so far behind that it usually doesn't even get listed on benchmarks against the major competitors, and it's a very unpopular place for attracting talent. They're even leasing out their compute rather than using it themselves.
It's not impossible that AI will become as big of a market as they're forecasting, and that they'll get as big of a fraction as they're assuming. But both aspects of that are quite optimistic.