to me, it's again, just a supercharged example of that idea that the market has essentially nothing to do with reality outside the market, combined with that particular brand of messianic Musk/Tesla hype, but I admit there's not really a way to definitively prove that one way or the other
all you can do is look at something and think "that doesn't make sense and no one else thinks it makes sense, and otoh there's a long history of crazy market things combined with structural factors disconnecting real world performance from stock values, so maybe it's largely hype"