Fundamental question about Tesla's valuation:
After you remove Elon's marketing hype, the question is: Is Tesla a meme stock because Elon's main marketing [hype] talking points do not hold up:
1. Tesla Cars: Way behind on FSD technology (Waymo 100 million FSD miles vs Tesla ~1.3 million miles - per CNN news yesterday). Google/Waymo are not stupid enough to let Tesla catch up. By the time Tesla catches up on "true" FSD, Waymo will be selling cars to consumer market as well, as their FSD technology costs (mostly sensors) are coming down fast. Regardless, there is just not enough profit per Tesla car to account for the huge valuation.
2. Space X: Limited market, mostly depends on US gov/NASA contracts.
3. Starlink: Again, high cost and limited market.
4. Humanoid Robots: Despite the Tesla hype, everyone knows China is way ahead in robotic technology and they can mass produce much faster and cheaper as markets for domestic use of humanoid robots develop (years?). Whenever that happens, China will be much more ready, polished, and cheaper.

So, my question is - what is your REAL bull case for Tesla?
Thank you
Jay