People are starting to figure out that AI is bullshit in search of a justification. Nvidia’s stock price is a reflection of this pump, and as soon as the reality of AI’s failure to deliver on its promises sinks in, the dump.
That and also Jim Jones shit. The stock is buoyed by his cult of followers and the myth that creates about himself and his companies. But I have my doubts that it's all entirely just his weird cult...but cults can get you a lot of money: just look at Taylor Swift.
Also, they're getting what they pay for. The tickets are pricy, but the show happens on time and meets their expectations. It's not an unending series of promises of self-driving cars that are bulletproof and float and will be delivered next year.
I agree. She has a much wider support base than he does. He has a more monied and desperate fanbase, though. Look at that one rich asshole who drowned in one of his death traps a few weeks ago.
It seriously is. I was once hired by a B2B sales agency for a new service provider entering the MA marketplace. It was a secret from us who that service provider was & what exactly we’d be selling until the last minute. Turned out to be Enron; our jobs job were gone before we ever started them.
Thanks. They did work out, in the end, anyway. And I would have hated that job but I was fairly desperate having moved back to Boston from DC without a job lined up because my mom was sick.
Regular reminder:
When Bethany McLean @bethanymac12 wrote a story about Enron the headline was:
“Is Enron Overpriced?”
When she wrote a story about Tesla, SolarCity & securities fraudster Elon Musk the headline was:
“HE’S FULL OF SHIT”
Fraud in PlainSite
$SCTY $TSLA
$TSLAQ
That's in 5 months, so 25 Cybertruck™s a day.
Either they can't find people willing to buy them, or (more likely, as there's still lots of Tesla cultists out there) they can't manage to build them. Probably still making them by hand, then fixing the bigger problems, then shipping them with flaws.
Amazing what having a bunch of blinkered fanboys prepared to prop up your share price will do for a company. It would be annoying even if Musk wasn't a supremely unpleasant individual.
Single assembly lines at some plants in the US like Ford drop 600 F-series trucks PER SHIFT PER LINE, and have multiple lines AND multiple shifts, so this is literally less than a plain old Ford factory drops daily sometimes.
I mean, that's not the only car Tesla makes.
They made a grand total of...5000 cars a day. Which is, you know, a fifth of Toyota's output. Most of those Teslas might even get to the owner before they have to be recalled, resprayed, reworked, software updated or rebooted.
And let's see now, Tesla makes a few Model S and X, mostly Model 3 and Y, a few Cybertrucks and a Semi every few days...maybe.
Toyota makes....*runs out of fingers, toes* an absolute buttload of different cars. Hmmm. Something might be up here...
Obviously it's not an apples to apples comparison but for the top two automakers by market cap I felt it was at least a partial illustration of the disparity in scale
No I know, I was trying to make even more of a point that Toyota's job is vastly more complex than Tesla's covering way more of the market and selling way more cars that actually work and yet...$150bn.
My view is that some folks still view it as a tech stock with unlimited growth
The car manufacturing part of the company will probably be gone (dismantled/sold off/whatever) within 10 years and the brand will remain as a network of places to put electrons in your not-a-Tesla-car.
It's almost as though running an automotive manufacturer requires knowledge and experience and not just incurious manbaby energy and dubious amounts of money
Small nitpick: Cybertrucks aren't Tesla's only vehicle.
Of course, total deliveries for Tesla are only 300 vehicles per day, so you point stands. This discrepancy between Tesla's performance and its valuation has long bothered me.
