Yea obviously. This is a meme stock with a cult following. No way the stock should have been worth 5x that of Toyota at its peak based on the company's fundamentals alone. Much of it is just hope, whoever is in this likely thinks Musk will deliver lvl5 autonomous driving in the future, and maybe even more than that.
Tesla appears to be rallying in the post market after the poor earnings release.
In the longer term, Tesla will have to find something else to do rather than EV much like Amazon moved beyond being just an ecommerce store.
His latest project to convert X into something like Tencent seems to be falling flat. Still he is Trump's biggest billionare backer. Who knows what might happen if Trump wins in Novermber?
If you want an ouside bet on someone who can monetise AI, he is probably your best dark horse. He was at ground zero for Chatgpt and has the track record of bringing to maket product no one can even dream of. In many ways he is like Steve Jobs who had his fair share of dud Apple products before he unveiled the Iphone and Ipad.
And finally of course you have SpaceX and Starlink. If things spiral out of control with China, these could be worth billions. SpaceX is the only third party vendor with proven launch vechicles that can weaponise space. If things get to stage where undersea cables that carry the world's Internet traffic are no longer secure, Starlink is the only alternative that can keep communications going.
The market has priced all of this and more into Tesla's stock price. For the stock price to "crash below BABA", Musk will have to either pass on or go into retirement like Bezos and Jack Ma.