If they get the self driving feature working with 100% door to door success (and not running over a bunch of people or slamming into walls) then they'll get the maximum market share going forward.
At that point individuals are less likely to own a vehicle and most will be via Uber (or similar) without drivers. Cost of a ride will be cheaper than owning a vehicle and you can work while getting to your destination (if we still work in a conventional setting).
Presently, I don't think that's the case. I agree with you both that the MC is way too high but accounting for the tech side of things that might change in the future. Not now..
Similar to NVDA and the hype over AI. Reality kicks in and the market re-evaluates and the price will fall.
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