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George Noble questions Tesla's valuation, stating that the company's entire worth currently hinges on its robotaxi business, which internal data values at $840 million.
He points out that despite this, Tesla shares are still trading as if the company is valued at $700 billion. Noble also references the launch of the full self-driving feature in Austin, noting that 380,000 unsupervised miles have now been recorded since its rollout.
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Noble has previously cautioned on major corporate valuations, recently highlighting that the SpaceX IPO could prompt significant insider share sales. In another analysis, he argued that Oklo’s business model positions the company as a utility due to its focus on building and selling electricity. These views align with his ongoing scrutiny of large-cap company fundamentals.