The Tesla haters are at full throat these days.

And why not? Wall Street can’t seem to lower their price targets fast enough, short sellers are smelling blood, fundamentals are getting increasingly sketchier and the stock is plumbing levels not seen in years.

Tesla TSLA, +1.95% shares were bucking the broader downtrend Thursday, coming off their sixth-straight session of declines.

“It’s all so embarrassing,” says strategist Bill Blain of London-based Shard Capital, which oversees more than $1 billion in assets. “Peak Musk” has come and gone, he warned in his latest Morning Porridge note. The negativity, sales concerns, ongoing capital burn... he sees it all leading to a reckoning.

“ ‘Buy the tech winners with either real monopolies, real revenues and real funding, and sell those likely to fall as a result of competition, liquidity traps, and ennui.’ ” — Bill Blain

He’s not so much worried about Tesla itself, though he does hold a small position in the stock after unloading the bulk of it a year ago. “Tesla doesn’t matter. They are simply the DeLorean’s of the modern age,” Blain wrote. “If you own one, stick in a garage and wait… Tesla was good while it lasted.”

His concern lies with the broader impact of Tesla’s failure. “Have you ever watched a house of cards collapse? Sometimes a corner or a side comes down, and it can be sort of fixed,” he said. “Sometimes the whole thing just gets blown away.”

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Blain pointed out that the “Modern Disruptive Tech” price model could ultimately be undone if one of its high-profile companies, like Tesla, implodes. What’s MDT? He explained the thinking behind it with this quote:

“We don’t have to pay dividends or make profits because we are a disruptive company that has triggered a paradigm in demand and made ourselves a monopoly — therefore it’s all in our stock price.”

Well, Tesla’s recent struggles shred all that. “The MDT model requires the stock to retain the confidence of the capital markets to keep it capitalised — Tesla has now lost that confidence,” he said, adding that there “will be massive” consequences in the tech sector should MDT collapse.

“Consider firms like Softbank SFTBY, -3.54% , which have funded themselves from everywhere and anywhere on the basis they’re oh-so-clever at tech investing,” he said. “Suddenly they can’t pay dividends when they find they own a whole bunch of stocks that have never paid, and never will pay a dividend or repay debt.” In other words, when faith in MDT’s lost, the whole market, which takes its cue from tech, will feel the pain — “that’s when this will get very interesting.”

But if buying tech is still your thing, here’s a tip. “Look to buy the tech winners with either real monopolies, real revenues and real funding, and sell those likely to fall as a result of competition, liquidity traps, and ennui,” Blain wrote.