The bull case from here is thinking that Tesla's valuation will permanently stay in the upper atmosphere for decades to come, but at some point, the growth rate

The bull case from here is thinking that Tesla's valuation will permanently stay in the upper atmosphere for decades to come, but at some point, the growth rates slow. The valuation may eventually adjust downward. But there was a very pivotal event not too long ago: Tesla was added to the S&P 500 index. It is, in fact, the 8th largest company in that index. Which means: Game Over. Elon Musk won. Big. The vast majority of US equity investment is now either passively indexed to the S&P 500 or managed by institutions that are judged by their performance relative to that benchmark. This is a huge, ongoing flood of dollars that flows on a daily basis into each and every S&P 500 stock. That money provides ongoing support to the Tesla stock price.