Exactly. Looking at competition from China, but also the West, I don't see Tesla having a moat in EVs, in robots, or even in batteries in the medium term (compare e.g. [1]).

How can they produce the extraordinary growth and excess profits that would justify their valuation?

Fundamentals will reassert themselves sooner or later, but as we see it can take a long time.

[1] https://electrek.co/2026/05/07/tesla-4680-battery-cell-perfo...