I think the people who value Tesla at these rates don't believe Tesla will continue just selling cars. They believe the cars are just the first step in a range

I think the people who value Tesla at these rates don't believe Tesla will continue just selling cars. They believe the cars are just the first step in a range of products and services that will make Tesla a trillion dollar company. Just like Amazon, obviously a book store wouldn't be as valuable as Amazon is now, and it was hard to see this 15 years ago. Anyway, definitely agree with you on the valuation. Even if you believe there's a chance it's going the Amazon route and we'll all be driving Tesla autopilot cabs in 5 years, it's priced as if that's a certainty.