I feel like there's a certain exuberance for the great things that Tesla (and SpaceX) have achieved. Much of that exuberance is well-justified by the delivery. It seems likely to me that continued excellence of execution is priced into the stock at these levels and that no company is that perfect, regardless of the size of the opportunity in front of them.
I also find it somewhat telling that Tesla sold $5BB of $TSLA into the market in early Sept. That might suggest that they thought the near-term market conditions were as good as they were going to get for a while. This is (IMO) a wonderful company with an excessively premium market cap.
"Valuation isn't a short thesis" as they say. Totally fraudulent companies can trade for decades and price corrections don't happen without a trigger. IMHO only enter a short position when you have identified the cause of a correction and you know it is happening now.
I also find it somewhat telling that Tesla sold $5BB of $TSLA into the market in early Sept. That might suggest that they thought the near-term market conditions were as good as they were going to get for a while. This is (IMO) a wonderful company with an excessively premium market cap.