Investors keep betting on Tesla's robotaxi story, not car sales
The move
Tesla shares rallied roughly 6.75% over the past week. Robotaxi service now runs in seven U.S. metros, and active FSD subscriptions have reached 1.48 million, up 56% year over year. Tesla expects 2026 capital spending above $25 billion, rising further as it builds out Robotaxi, Optimus, chips and AI compute.
Why it matters
Even after Goldman Sachs cut its delivery estimates for the rest of the year, investors are pricing Tesla on autonomy and robots, not on how many cars it sells.
The bear case
Federal regulators are still investigating whether Tesla's steering-wheel-free Cybercabs comply with safety rules, and the robotaxi fleet remains small and geofenced to a handful of cities.
What to watch
The Tesla Roadster unveiling on Oct. 10.