Not Tesla shareholders, with shares hitting their first all-time high of 2025, driving its market capitalisation above $1.6 trillion. Deepwater’s Gene Munster predicts Tesla will probably miss delivery expectations in 2026, with actual growth far below estimates. However, that “doesn’t change the Tesla investment case, which is built on FSD [full self-driving], Robotaxi and Optimus”. That is, car sales barely register – what matters is Musk’s vision of robotics and a driverless future. The uncertainty is reflected in Morgan Stanley’s wildly varying bull case for Tesla shares ($860) and bear case ($145).

Source: The Irish Times December 21, 2025 13:34 UTC