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Various promises as to world changing technologies around the corner (robotaxis, optimus robots, full self driving using cameras) and the cult of Musk. You have to believe it's not an automobile company and shouldn't be priced like an automobile company.

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ok but here are some massive tech companies' p/e ratios:

Amazon: 34

Alphabet: 19

NVIDIA: 37

Microsoft: 30

Most of those companies are still growing despite their size, which is boring to investors. To be a true unicorn you need shrinking sales and margins, a toxic brand, paying your hated CEO more than lifetime revenue of the company, and 2% share of the market you're in (with a valuation of more than all the competition combined).

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