Tesla has always had a pretty ludicrous P/E, and this year in particular, running a negative cashflow looks pretty rough. But I understand the case that was made in the past; the company is building out tech infrastructure to become far more than a car company. My question is; can that case still be made?
AI has been siponed to SpaceX, general futurism enthusiasm has been siphoned to SpaceX, and what good engineers and programmers there were at the company have been lured to competitors and/or SpaceX. At this point Tesla really does seem to be just a car company, or at most a car and cab company with a poorly integrated battery chain. I understand the pessimistic case really well. But what optimistic case still exists supporting current market valuations of the company?