Michael Burry, a hedge fund investor featured in the book “The Big Short” for his predictions on the 2008 financial crisis, said in a Substack discussion last month that any increase in SpaceX’s stock after its I.P.O. would “be on hype and technicals.”

Here, “technicals” means technical analysis signals rather than the company’s business fundamentals. In other words, Burry is saying the stock could rise because of chart-based trading, momentum, and market behavior—not because investors think SpaceX is truly worth that much based on revenue, profits, or other fundamentals.

How long can the hype be maintained? TSLA is still maintaining its hype, judging by its P/E ratio.