It’s very clear that at this point, insofar as there is any logic at all to the decision making of people investing in Tesla (and there’s very little evidence of that), they’re evaluating it as a software company, not a car company.

Nah, the logic to the decision is that other people are buying a lot of tesla stock and the price keeps going up. It’s very nearly a ponzi scheme. It has value completely detached to what the company is doing. It’s tulips, crypto, beanie babies. Most institutional investors realizes this, they also are trying to get in and get out without holding the bag.