Yes and no. Many modern business' tend to be heavy on intangible assets over old school tangible assets. Even a company like HII (who makes our aircraft carriers and other military ships) holds fewer tangible assets and intangible assets. But the idea of valuing a stock is very difficult. There are both fundamental and irrational behavioral aspects of it, and much of our society has embraced this. Many companies with promise can lose their ass year after year with increasing stock value because people are speculating the investments made by the company will pay off. However, when we look at the markets with a vision colored by our new golden age of fraud, we tend to zoom in on the fuckery which is where we are biased. Yeah, quite a few people cannot bring a business up to scale or lose their minds when they achieve a celebrity of sort status. This happens to artist celebrities and corporate celebrities alike who are so fucking arrogant they cannot even fathom the role of luck. Tesla has some fundamentals going for it though, they had high margins on some of their models. However, they are not a company I would directly invest with, because the performance is highly irrational to me. Their share performance in the wake of bad news keeps me away and their plans going forward also seem kind of irrational without clear goals like they used to publish. Musk dicking over the Tesla shareholders to funnel chips to Twitter was really fucked up. Overall, I think the company will lose out (due to leadership) but when to start betting against them is the big question.