Today's revenue is not tomorrow's, and companies are valued based off of the future. Where did Amazon's revenue come from (and still primarily, afaik) for most of its life?
Yes, and 85% of Tesla's revenues came from cars, and it is increasing. It is part of why their profit margins have returned to auto industry norms. Tesla has two items that make them significant money: Model Y and Model 3. Nothing else is big enough to really move the revenue needle.
IMO from my viewpoint it’s obvious that Musk has made bets in places where he deliberately thought it would inflate the stock price - self driving and robots being two.
Tesla stans are great, they keep Tesla stocks high. But their conceptions of stock valuation reminds me of crypto.
It looks like the commodified products are actually the products, the dreams are slowly fading.