Tesla's stock is largely being driven by investors who draw a false comparison of the company with established technology companies and ignore the set of risks that come with running a car company.
To be able to draw such a comparison, "one would have to consider (or ignore) significant inherent differences in Tesla's business model and capital intensity,"
"One must also take into account many of Tesla's business objectives face a degree of execution risk that may be significantly higher than many of the more proven/mature companies in this analysis."