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In a world where WeWork can be valued at 47B USD by professional capitalists, there's something to be said for acknowledging that the stock market and stock valuations can be untethered to reality. I think the sentiment you mentioned is a combination of that and a bit of a humorous/nihilistic attitude towards the same.

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Valuations simply don't matter right now, Tesla is bigger than every car company combined and makes less than virtually all of them. I don't get it, but that's how it is. There is no end in sight, if there were a moment to burst any bubble it would have been last March...and it didn't.

That’s because it’s about future earning potential for “growth stocks”, not current reality. The other car makers have reached a kind of equilibrium, while Tesla keeps putting out new products in a class they essentially invented.

That said, I also don’t own Tesla because I think it’s crazy overvalued.

That's why F/PE exists, even on that basis the current market doesn't make sense and valuation doesn't matter. Frankly, I think when/if SpaceX goes public, Tesla will start going down and people will plow into SpaceX (which IMO has more of a strong future and also what people investing in Tesla now are kind of thinking they have a part of)

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