The premise of Tesla's current market value is that they will capture a majority share of a dramatically expanded global taxi market. Waymo being dramatically ahead at producing workable robotaxis entirely undercuts that premise.

If you instead think Tesla's promise is consumer cars, Tesla's valuation is roughly equal to the entire rest of the global auto industry, despite being only a tiny and declining fraction of global sales. The relevant competitors then are Toyota, VW, Ford, BYD, etc. etc. Objectively, as a consumer auto company Tesla seems to be stagnant and falling behind.

I guess they're also hyping vaporware humanoid robots; if you ask me a future where a significant proportion of all families on earth purchase a humanoid robot seems completely implausible. It's very Jetsons though. Maybe they'll start building flying cars too.