>unrealized tech dreams and what part is substance, in the traditional value investor sense

Companies like Tesla are not for traditional value investors. Bonds and boring stocks or ETFs serve that purpose.

That's just evading the question.

Tesla price to revenue is 20x - a pretty normal for a tech company.

Tech companies generally sell software or ad space with near-zero marginal costs. Tesla does not.

Not really. The modern tech companies, FAANG, and many doing SaaS, etc. consume highly expensive labor and consume it while not linear, yet still in some significant correlation to the revenue, thus one can see that they have kind of significant marginal costs. While Tesla's marginal costs will more and more will be dominated by the R&D.