If there’s any company that should blow up in a bubble, it’s Tesla.

[atomicpoet@atomicpoet.org]

If there’s any company that should blow up in a bubble, it’s Tesla.

All the fundamentals say overvalued:

• Revenue growth is slowing compared to the narrative.
• Autos are capital-intensive and low-margin.
• Repeated price cuts are crushing gross margin.
• Regulatory credits and incentives distort real profitability.
• FSD still isn’t Level 4 autonomy.
• Energy and robotics remain tiny next to market cap.
• Capex requirements stay high.
• Competition is fierce and closing the tech gap.
• Multiples remain far above peers while free cash flow stays volatile.

However, $TSLA survives because it’s both a cult and a narrative machine—robotaxis, AI, Dojo, Optimus, and “everything app” optionality keep the story alive. Heavy retail ownership, passive index flows, and options-driven squeezes provide constant fuel.

Cults endure beyond rational interrogation—often far longer than skeptics expect.