Tesla's AI Hype Can't Cover Car Sales Slump

Tesla delivered 358,000 vehicles in Q1 2026, missing Wall Street's 372,000 expectation — a sharp drop from Q3 2025's record 497,099 units. Bloomberg's Craig noted that robotaxis and humanoid robots remain concepts, not revenue, while automotive sales still drive 67% of Tesla's income. Meanwhile, operating expenses surged 39% year-over-year as net income collapsed 64% to $840 million. With only 13-14% market odds on near-term AI product launches, Tesla's $1.35 trillion valuation hinges on executing an autonomous future — while today's car margins continue to disappoint.