对冲基金经理警告：特斯拉是美股史上最大的泡沫

Core Viewpoint - Tesla's stock is perceived as a significant market bubble, with investors underestimating the risks associated with its valuation and fundamentals [1]. Group 1: Market Sentiment and Valuation - Hedge fund manager George Noble warns that Tesla's stock is disconnected from its fundamentals, predicting a turbulent period for the stock if his bearish outlook is correct [1]. - Noble believes Tesla's stock should trade between $60 and $140 per share, indicating a potential decline of approximately 87% from its recent closing price [1]. - Media hype is seen as a more substantial driver of Tesla's stock price than the company's actual business success [4]. Group 2: Business Performance and Revenue - Despite Elon Musk's ambitions for autonomous taxis and humanoid robots, the majority of Tesla's revenue still comes from car sales, which have been declining over the past two years [6]. - Automotive-related business accounts for 87% of Tesla's revenue, facing significant challenges, with expectations of a third consecutive year of sales decline by 2026 [6]. - Comparatively, the automotive business's per-share value is estimated to be only $20, raising concerns about the overall valuation of Tesla [6]. Group 3: Competitive Landscape - Noble highlights the intense competition in the electric vehicle market, suggesting that Tesla's sales are under pressure from rivals [1]. - Notably, Tesla is no longer the largest electric vehicle manufacturer globally, as pointed out by trader Porter Collins, who also considers Tesla's stock to be significantly overvalued [6].