Tesla sells like 1% of the cars and has like 50% of the market cap, and it’s not because their margins are so high.

All the market correctly predicted is that the market would continue to incorrectly predict their value.

As a mental exercise, imagine there’s a bubble that went on for 5 years. They sometimes go that long or longer. Do you not think 3 years in people would think they were seeing the market just having been correct the prior few? It would look exactly the way you view this.