TSLA Capex Drag Versus Growth
"TSLA’s AI/industrial capex trajectory and Tesla Semi rollout look supportive because California demand is already pulling rebates fast (1,000 rebate applications) which effectively subsidizes roughly half the truck price, boosting near-term commercial adoption economics."
"TSLA's AI/robotics pivot may be exciting, but with 2026 capex over $25B driving massive negative free cash flow risk plus regulatory delays and margin compression in the core auto business, the stock's AI-vision valuation setup looks like it leaves little room for error at current prices."