I disagree.
Vehicles are one thing, AI chips are another.
One is a default investment for any AI tech company to survive.
Data centers will only grow from here.
Vehicles are one thing, AI chips are another.
One is a default investment for any AI tech company to survive.
Data centers will only grow from here.
As an example the market decided Netflix was a terrible value when they announced they were a video streaming company in like 2008ish losing around half their value. Except we all know now that was not a priced in moment.
You can go onto the market today and buy like-kind stocks at double digit discounts to valuation just because they're smaller cap/lesser known. e.g. Retail REITs, where the business and risks are almost identical.
EMH as commonly interpreted is clearly wrong in my view.
What is true is that the majority of people can't beat the market picking stocks, but that doesn't mean there aren't observable inefficiencies. Just that most people don't care or know how to observe them
"it's too big to fail", "xyz is now part of life and will never ever disappear nor change in any way shape or form",... People really lack imagination, they take the last 2 years and extrapole it to the next decades as if there were no variables whatsoever.
AI still has to bring a profit to anyone other than the company providing them. And even if their wet dreams somehow manifest (aka replacing all human labor) you're opening another Pandora's box and all bets are off when it comes to stock valuation, global finance, & c.
There doesn't seem to be a moat we'll see how high it can go but in the long run they're a ridiculously overvalued commodity (eventually) producer.
I haven't researched it in-depth, but my take is that they don't have the culture to really be aggressive on pricing.