As Tesla Inc.’s (NASDAQ:TSLA) shares continue to soar, former fund manager George Noble says that its valuations are fundamentally disconnected from reality, even after considering its ambitious robotaxis and Optimus humanoid robots.

Tesla Shares Significantly Overvalued

Noble, who ran Fidelity’s Overseas Fund, outlined Tesla’s “sum of the parts valuation,” considering its various products and segments, before comparing each of them with the valuations of peers and competitors, on Sunday, in a post on X.

Starting with robotics, Noble compared Tesla's Optimus project with established and emerging competitors. “Boston Dynamics is estimated to be worth $5B. Figure AI recently raised money at a valuation of $39B,” he said, while adding that “both are far ahead of $TSLA in the development of robots.”

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Even when “generously imputing the Figure AI valuation to Optimus,” Noble said that would translate into $12 per share for Tesla.

Moving on to the company’s robotaxis business, he pointed to the projected valuation for Alphabet Inc.’s (NASDAQ:GOOG) Waymo, which he ...