$Tesla(TSLA.US)Tesla increasingly trades more like a meme stock than a company driven by its core business results. Looking back at the previous major rallies, they were often fueled by improving liquidity and a fresh narrative rather than a dramatic change in fundamentals.

Whether it was autonomy, Optimus, Robotaxi, or SpaceX-related expectations, each cycle found a new story for the market to price. The business still matters over the long run, but in the short term, sentiment and liquidity have become much stronger drivers than quarterly earnings.

That’s what makes Tesla so difficult to value: it’s often the narrative that moves first, while the fundamentals catch up later—or sometimes don’t.

@Captain's Treasure