Historically the ARK reports struck me as pretty well-researched science fiction: they make their logic available, but it's like in the back room the direction they were given was: think of how electric vehicles plays out in the the most favorable possible universe, so that even though Tesla is stupidly overvalued, there's still at least 10x to go.

So the chain of logic survives a cursory inspection; but it's thin. Will be interesting to see if the trend still holds, or rather: how they'll make it hold.