特斯拉二季度财报后暴跌，汽车利润率、现金流与Robotaxi/Optimus兑现预期同步受压

# 美股盘后催化 5/12: Tesla财报后暴跌，利润率、自由现金流、资本开支与Optimus/Robotaxi兑现预期同时受压

- 美股会话: 2026-07-23
- 方向: NEGATIVE；类型: 财报/指引；规划重大性: 8/10
- 映射模式: competitive
- 美股驱动（规划器初判，需独立核验）: 事实：Tesla收跌14.52%，Q2利润和毛利率不及预期，自由现金流转负，资本开支同比大增且全年预期超过250亿美元；Musk下修或弱化Robotaxi、Optimus和电动半挂车早期时间表，同时NHTSA启动车门逃生安全规则制定。推断：市场不再只看Tesla的AI/机器人远期叙事，而开始惩罚汽车利润、现金流和监管成本；亚洲EV、电池、传感器和机器人主题需要区分竞争替代与供应链压力。

## 本催化相关美股真实收盘行情

- 特斯拉 (TSLA.US): 319.69 -14.52%

## 亚太映射假设（仅候选，必须查证）

- 比亚迪股份 (1211.HK) [H/竞争替代/mixed]: Tesla盈利和产品承诺受挫可能提升BYD相对竞争叙事，但全球EV估值也可能被一起下修。；核验问题: Tesla弱势是否转化为BYD在中国、欧洲和其它海外市场份额提升。
- 宁德时代 (300750.SZ) [A/供应商/mixed]: Tesla降本和现金流压力可能向电池供应商传导价格压力，但储能和新平台capex仍可能支撑出货。；核验问题: Tesla对宁德时代电池订单、价格谈判、储能拉货和车型结构变化。
- 蔚来 (9866.HK) [H/竞争替代/mixed]: EV估值风险会外溢，同时若NHTSA车门新规波及隐藏式/电动门把手设计，部分中国智能EV需重新评估合规成本。；核验问题: 蔚来车型门把手/断电逃生设计和美国或全球监管暴露。

## 必答问题

- Tesla capex具体投向汽车产能、AI训练、Robotaxi、Optimus、储能还是自研芯片？
- NHTSA规则是否追溯存量车型并导致召回或设计变更？
- 亚洲电池和零部件供应商是否已收到价格或订单调整？

## 原始证据全文（15 条）

### [E0243] 财联社电报 | 2026-07-23 13:51 UTC | 盘中
特斯拉跌逾12% Q2净利不及预期且毛利率进一步下滑
URL: https://www.cls.cn/detail/2435548
【特斯拉跌逾12% Q2净利不及预期且毛利率进一步下滑】财联社7月23日电，特斯拉股价跌幅扩大至12%，报329.015美元/股，总市值报1.24万亿美元。财报显示，特斯拉二季度实现营收282.4亿美元，超出市场预期，同比增长26%，为三年来首次营收同比增速超过20%。然而，二季度运营利润仅3.98亿美元，远低于市场预期的13.9亿美元；调整后每股收益为0.33美元，同比下降18%，亦大幅不及预期；毛利率为16.8%，低于分析师预期的19.4%，一季度整体毛利率21.1%。值得注意的是，特斯拉第二季度的自由现金流为-10.9亿美元，自2024年一季度以来首次单季录得负数。特斯拉高管表示，自由现金流转负源于资本支出二季度环比翻一倍多，预计资本支出将在未来两三年继续增长，并重申今年资本支出将超过250亿美元。

### [E0249] Financial Times | 2026-07-23 13:52 UTC | 盘中
Tesla shares tumble 11% after discounts hit profits
URL: https://www.ft.com/content/dc5e629b-562c-41e3-8b89-350af6960adc?syn-25a6b1a6=1
Tesla profits plunge as discounts on EV models weigh on results
Tesla’s profits dropped unexpectedly in the second quarter as Elon Musk’s group offered discounts to boost electric-vehicle sales and revenue from sales of regulatory credits to rivals dried up.
The surprise decline in profits came even as Tesla has benefited from a rebound in EV demand in Europe, as customers facing higher fuel prices overlooked Musk’s polarising political activism and returned to showrooms.
Sales in the US, however, remain depressed after the Trump administration scrapped EV incentives, forcing it to sell its cars at lower prices.
The Texas-based group reported adjusted net income, which excludes stock-based compensation and the change in value of its cryptocurrency holdings, down 17 per cent to $1.2bn, far below a Wall Street consensus collated by Visible Alpha of $1.95bn. Shares in Tesla fell more than 2 per cent in after-hours trading.
Tesla also reported its first quarterly cash burn in two years on Wednesday, as Musk accelerates the group’s pivot from electric vehicles to semiconductors, autonomous taxis and humanoid robots.
It recorded $1.1bn in negative free cash flow even after delivering a second-quarter record of 480,126 vehicles, as its capital expenditures more than doubled.
The electric-car maker’s first cash burn since early 2024 came despite strong sales that drove revenue up 26 per cent to $28.2bn.
The company suffered a sharp fall in sales last year when Musk’s high-profile role in slashing US government spending in the Trump administration alienated consumers.
But while sales have risen this year, disappointing margins reported by the company’s auto business on Wednesday suggested sales were driven in part by aggressive price cuts and financing deals. The company’s overall operating margin dropped to 1.4 per cent from 4.1 per cent a year ago.
Musk in April boosted Tesla’s spending plans for 2026 to more than $25bn, nearly triple the $8.5bn it invested last year, citing the huge AI investment plans of big tech groups. Capital expenditure rose 142 per cent from a year ago to $5.79bn in the quarter.
Tesla has increased spending as it breaks ground on a chips research facility that is part of its Terafab joint venture with SpaceX, and invests in the advanced semiconductors and power grid infrastructure for the Cortex 2 supercomputer cluster.
Tesla has also discontinued production of its premium Model S and Model X vehicles, converting sections of its EV plant in Fremont in California for early production of its Optimus Gen 3 humanoid robot.

### [E0250] Financial Times | 2026-07-23 13:52 UTC | 盘中
Tesla shares tumble 11% after discounts hit profits
URL: https://www.ft.com/content/dc5e629b-562c-41e3-8b89-350af6960adc?syn-25a6b1a6=1
Tesla profits plunge as discounts on EV models weigh on results
Tesla’s profits dropped unexpectedly in the second quarter as Elon Musk’s group offered discounts to boost electric-vehicle sales and revenue from sales of regulatory credits to rivals dried up.
The surprise decline in profits came even as Tesla has benefited from a rebound in EV demand in Europe, as customers facing higher fuel prices overlooked Musk’s polarising political activism and returned to showrooms.
Sales in the US, however, remain depressed after the Trump administration scrapped EV incentives, forcing it to sell its cars at lower prices.
The Texas-based group reported adjusted net income, which excludes stock-based compensation and the change in value of its cryptocurrency holdings, down 17 per cent to $1.2bn, far below a Wall Street consensus collated by Visible Alpha of $1.95bn. Shares in Tesla fell more than 2 per cent in after-hours trading.
Tesla also reported its first quarterly cash burn in two years on Wednesday, as Musk accelerates the group’s pivot from electric vehicles to semiconductors, autonomous taxis and humanoid robots.
It recorded $1.1bn in negative free cash flow even after delivering a second-quarter record of 480,126 vehicles, as its capital expenditures more than doubled.
The electric-car maker’s first cash burn since early 2024 came despite strong sales that drove revenue up 26 per cent to $28.2bn.
The company suffered a sharp fall in sales last year when Musk’s high-profile role in slashing US government spending in the Trump administration alienated consumers.
But while sales have risen this year, disappointing margins reported by the company’s auto business on Wednesday suggested sales were driven in part by aggressive price cuts and financing deals. The company’s overall operating margin dropped to 1.4 per cent from 4.1 per cent a year ago.
Musk in April boosted Tesla’s spending plans for 2026 to more than $25bn, nearly triple the $8.5bn it invested last year, citing the huge AI investment plans of big tech groups. Capital expenditure rose 142 per cent from a year ago to $5.79bn in the quarter.
Tesla has increased spending as it breaks ground on a chips research facility that is part of its Terafab joint venture with SpaceX, and invests in the advanced semiconductors and power grid infrastructure for the Cortex 2 supercomputer cluster.
Tesla has also discontinued production of its premium Model S and Model X vehicles, converting sections of its EV plant in Fremont in California for early production of its Optimus Gen 3 humanoid robot.

### [E1268] Tech Insider | 2026-07-23 16:22 UTC | 盘中
Elon Musk laid out why it's so hard to make Optimus a reality
URL: https://www.businessinsider.com/elon-musk-optimus-tesla-humanoid-robot-design-scale-manufacturing-ai-2026-7
Elon Musk is discovering just how difficult it is to build a robot that can walk, talk, and think like a human.
The Tesla CEO said during the automaker's second-quarter earnings call on Wednesday that building Optimus, a humanoid robot, is a "very complex problem to solve," and "no one's ever achieved this."
While Musk said he believes Optimus will be the "biggest product ever," he flagged "many challenges" in designing it to be dexterous, reliable, durable, and safe.
For example, he said that he wants Optimus to have at least the same dexterity as a person, but the "human hand is an incredible thing."
He pointed out that "there is no supply chain" for Optimus, so Tesla has had to build one from scratch and produce some parts in-house. The automaker has to not only secure enough AI chips but also "solve memory, logic, and packaging" to make Optimus a success, he added.
Musk also underlined how tough it will be to crank out huge numbers of the robots.
"This is going to be the hardest product to scale manufacturing that we've ever made at Tesla," he said.
Musk explained that's because "everything on the robot is new," which makes it much harder to ramp up production.
The world's richest man and CEO of both Tesla and SpaceX, known for giving overly ambitious timelines, said he was managing expectations.
"I just want to make sure to calibrate people correctly," Musk said.
Tesla didn't immediately respond to a request for comment from Business Insider.
Musk has previously described the magnitude of the task at hand. This time last year, he spoke about how Tesla has to design everything from the motor and gearbox to the controls and sensors, not to mention train Optimus. Yet he also said he'd be "shocked" if Tesla wasn't making 100,000 robots a month in five years' time.
Notably, Tesla described its plans for "volume" and "mass" production of Optimus in its earnings presentation last quarter, but didn't use those terms in Wednesday's presentation.
Musk stands to gain handsomely from making Optimus a success. One of the milestones he must reach to unlock the full value of his latest compensation agreement is delivering one million Optimus robots in the next decade.

### [E1269] Tech Insider | 2026-07-23 16:22 UTC | 盘中
Elon Musk laid out why it's so hard to make Optimus a reality
URL: https://www.businessinsider.com/elon-musk-optimus-tesla-humanoid-robot-design-scale-manufacturing-ai-2026-7
Elon Musk is discovering just how difficult it is to build a robot that can walk, talk, and think like a human.
The Tesla CEO said during the automaker's second-quarter earnings call on Wednesday that building Optimus, a humanoid robot, is a "very complex problem to solve," and "no one's ever achieved this."
While Musk said he believes Optimus will be the "biggest product ever," he flagged "many challenges" in designing it to be dexterous, reliable, durable, and safe.
For example, he said that he wants Optimus to have at least the same dexterity as a person, but the "human hand is an incredible thing."
He pointed out that "there is no supply chain" for Optimus, so Tesla has had to build one from scratch and produce some parts in-house. The automaker has to not only secure enough AI chips but also "solve memory, logic, and packaging" to make Optimus a success, he added.
Musk also underlined how tough it will be to crank out huge numbers of the robots.
"This is going to be the hardest product to scale manufacturing that we've ever made at Tesla," he said.
Musk explained that's because "everything on the robot is new," which makes it much harder to ramp up production.
The world's richest man and CEO of both Tesla and SpaceX, known for giving overly ambitious timelines, said he was managing expectations.
"I just want to make sure to calibrate people correctly," Musk said.
Tesla didn't immediately respond to a request for comment from Business Insider.
Musk has previously described the magnitude of the task at hand. This time last year, he spoke about how Tesla has to design everything from the motor and gearbox to the controls and sensors, not to mention train Optimus. Yet he also said he'd be "shocked" if Tesla wasn't making 100,000 robots a month in five years' time.
Notably, Tesla described its plans for "volume" and "mass" production of Optimus in its earnings presentation last quarter, but didn't use those terms in Wednesday's presentation.
Musk stands to gain handsomely from making Optimus a success. One of the milestones he must reach to unlock the full value of his latest compensation agreement is delivering one million Optimus robots in the next decade.

### [E1274] Business Insider | 2026-07-23 16:23 UTC | 盘中
"This is going to be the hardest product to scale manufacturing that we've ever made at Tesla." https://bit.ly/3RauTpj
URL: https://x.com/BusinessInsider/status/2080328025036439766
"This is going to be the hardest product to scale manufacturing that we've ever made at Tesla." https://bit.ly/3RauTpj

### [E1526] Bloomberg | 2026-07-23 17:16 UTC | 盘中
US to Begin Work on New Car Door Safety Rules After Deaths in Teslas
URL: https://www.bloomberg.com/news/articles/2026-07-23/us-will-strengthen-regulations-for-car-doors-handles-after-tesla-deaths
US auto safety regulators will start developing new requirements to ensure drivers and passengers can safely exit their vehicles, a significant move to address issues exposed by sometimes deadly incidents in which people have become trapped inside cars.

The National Highway Traffic Safety Administration said Thursday that it would begin the process to impose a new federal rule, granting a petitioner’s request that the agency “mandate a robust and obvious door egress system in all motor vehicles,” according a regulatory filing. All new vehicles in the US would be subject to any new requirements, if finalized.

Vehicles designed with flush, electrically operated door handles made by Tesla Inc. and other carmakers have been involved in a series of incidents in which occupants have been trapped inside their cars after the vehicles lost power, including after a crash. In several instances, occupants of Tesla vehicles survived the initial impact of a high speed crash only to die or sustain serious injury from subsequent fires after being unable to exit.

Bloomberg News has reported extensively on the modern door systems, uncovering at least 15 deaths in a dozen incidents in which occupants or rescuers were unable to open the doors of a Tesla that had crashed and caught fire. Bloomberg also reported late last year that Chief Executive Officer Elon Musk insisted on electric doors even after potential safety concerns were raised internally.

Read More: Tesla Doors Can Trap People Desperate to Escape

A Silicon Valley engineer submitted a petition to NHTSA in November asking the agency to issue new federal safety standards to address the safety risks. The action is needed, the petitioner wrote, to “address a critical, life-threatening safety gap” stemming from electronic or "hidden" door latching and release systems, which are common on electric vehicles.

NHTSA on Thursday said in the filing that it has granted the petition and will begin the rulemaking process. The agency didn’t immediately respond to a request for additional details. Tesla didn’t respond to a request for comment.

Door designs are unlikely to change any time soon. The agency said it would decide whether to impose new requirements based on the information developed during the rulemaking process. It can take years to develop and finalize a new rule, and industry often pushes back against new safety mandates that impose additional costs.

Still, the decision adds to growing fallout over the incidents tied to electric door handles. US Representative Robin Kelly, an Illinois Democrat, introduced legislation earlier this year that would require manual door releases in new cars and means for first responders to gain access to vehicles when power is lost.

NHTSA in September opened a defect investigation into certain Tesla Model Y vehicles after receiving several complaints about children being trapped in vehicles.

### [E1536] 华尔街见闻快讯 | 2026-07-23 17:17 UTC | 盘中
美国将在特斯拉致死事故后着手制定车门安全新规
URL: https://wallstreetcn.com/livenews/3139014
美国汽车安全监管机构将开始制定新规，以确保驾驶员和乘客能够安全离开车辆。这是一项重大举措，旨在解决一系列致人伤亡事故所暴露出的问题——在这些事故中，人们被困在车内无法脱身。 美国国家公路交通安全管理局（NHTSA）周四表示，将启动程序以实施一项新的联邦法规，批准请愿人提出的“在所有机动车上强制配备坚固且明显的车门逃生系统”的请求。根据监管文件，如果新规最终敲定，美国所有新车辆都将受到约束。

由特斯拉和其他汽车制造商设计的配备齐平式电动门把手的车辆，已卷入一系列事故。在这些事故中，车辆断电（包括发生碰撞后）导致车内人员被困。在几起案例中，特斯拉车辆的乘员在高速碰撞的初次撞击中幸存，但因无法逃生而在随后的火灾中丧生或受重伤。 调查发现，在至少12起特斯拉碰撞起火的事故中，由于车内人员或救援人员无法打开车门，导致至少15人丧生。尽管公司内部已提出潜在的安全隐患，但首席执行官埃隆·马斯克仍坚持采用电动门设计。（彭博）

美国将在特斯拉致死事故后着手制定车门安全新规

### [E1619] First Squawk | 2026-07-23 17:36 UTC | 盘中
U.S. AUTO SAFETY REGULATORS HAVE BEGUN DEVELOPING NEW VEHICLE DOOR SAFETY RULES THAT COULD REQUIRE MORE RELIABLE AND OBVIOUS EMERGENCY EXIT SYSTEMS AFTER FATAL INCIDENTS INVOLVING OCCUPANTS TRAPPED INSIDE ELECTRIC VEHICLES.
URL: https://x.com/FirstSquawk/status/2080346442452078677
U.S. AUTO SAFETY REGULATORS HAVE BEGUN DEVELOPING NEW VEHICLE DOOR SAFETY RULES THAT COULD REQUIRE MORE RELIABLE AND OBVIOUS EMERGENCY EXIT SYSTEMS AFTER FATAL INCIDENTS INVOLVING OCCUPANTS TRAPPED INSIDE ELECTRIC VEHICLES.

### [E2162] 财联社电报 | 2026-07-23 20:00 UTC | 收盘后
美股收盘：科技七巨头一夜间市值蒸发近8000亿美元 特斯拉大跌超14%、谷歌总市值跌破4万亿美元
URL: https://www.cls.cn/detail/2435673
【美股收盘：科技七巨头一夜间市值蒸发近8000亿美元 特斯拉大跌超14%、谷歌总市值跌破4万亿美元】财联社7月24日电，美股三大指数集体收跌，纳指跌2.15%，标普500指数跌1.21%，道指跌0.97%。科技七巨头指数下跌4.8%，市值蒸发7970亿美元。特斯拉大跌超14%，创2025年3月11日以来最大单日跌幅，公司Q2净利不及预期且毛利率进一步下滑。谷歌跌超7%，创2025年5月8日以来最大单日跌幅，总市值跌破4万亿美元。亚马逊跌超4%，Meta跌逾3%，英特尔、微软跌超2%，苹果、英伟达跌超1%。军工股表现强势，洛克希德马丁涨逾10%，雷神技术涨超7%，GE航天航空涨超2%，诺斯罗普格鲁曼、通用动力涨超1%。加密矿企概念集体冲高，Cipher Digital涨超5%，Hut 8涨超7%，MARA Holdings、TeraWulf、Riot Platforms涨超2%，CleanSpark涨近2%。

### [E2424] CNBC Top News | 2026-07-23 20:15 UTC | 收盘后
Tesla, Alphabet lose hundreds of billions in value in post-earnings stock plunge
URL: https://www.cnbc.com/2026/07/23/tesla-tsla-alphabet-googl-stock-today.html
Shares of Alphabet and Tesla fell on Thursday after both companies signaled increased AI spending, unnerving investors worried about the mounting costs of the artificial intelligence boom.
Tesla stock closed 14.5% lower while Alphabet lost 7.1%. Elon Musk's EV maker posted its worst day since March 2025.
Tesla lost about $200 billion in market cap on Thursday, while the Google parent saw about $300 billion wiped out.
Both companies reported negative free cash flow for the second quarter on Wednesday. Alphabet raised its capital expenditure forecast for this year to $195 billion to $205 billion and warned of higher figures in 2027. The Google parent company's previous projection was for capex between $180 billion and $190 billion.
Tesla, meanwhile, said capex surged 142% year on year in the second quarter to $5.79 billion. The company said it expects more than $25 billion in capex this year.
Management at both companies looked to calm investor fears over spending.
"This is a massive capex year. I'm confident that all the things that we're investing in will yield incredible returns. Really, maybe the best capex returns that we've ever seen," Musk said on the earnings call Wednesday.
Musk talked up the company's future initiatives around semiconductor production and Optimus, Tesla's humanoid robot, as it highlighted where the spending was going. Tesla is "installing the first-generation lines for Optimus," and will "start production soon," the company said in its earnings presentation.
Alphabet's CFO said the spending increase "is primarily due to an acceleration in the delivery of capacity to meet growing demand." The tech giant has maintained that it does not have enough computing capacity to meet the AI demand that it is seeing.
"Investors appear to be focusing on the sharp rise in capital expenditure, alongside a weaker margin outlook, while continued delays to Gemini 3.5 Pro and a lack of standout product releases have raised questions about whether Alphabet's AI investments are yet translating into a clear competitive advantage," Ben Barringer, head of technology research at Quilter Cheviot, told CNBC.
Spending figures at both companies were offset by some bright spots.
There were signs that some of Google's investments were beginning to pay off. Google's cloud revenue jumped 82% to $24.8 billion, beating forecasts.
"This is one of the strongest revenue growth quarters that Alphabet has had in five years, and Alphabet is a really great barometer for this whole AI wave," Alison Porter, portfolio manager at Janus Henderson, told CNBC's "Squawk Box Europe" on Thursday.
Porter pointed to the strong revenue growth of Google Cloud as well as the jump in the division's operating margin to 35.6% in the second quarter from 20.7% in the same period last year as proof of the company's strong performance as a result of its investments.
"We think this look is ... very encouraging for overall AI capex and also for the returns that these platforms are seeing on that spend," Porter said.
At Tesla, the company's core automotive business brought in $20.52 billion in revenue, up 23% year on year.
— CNBC's Lora Kolodny and MacKenzie Sigalos contributed to this report.
Correction: Alphabet's CFO said the spending increase "is primarily due to an acceleration in the delivery of capacity to meet growing demand." An earlier version misattributed the quotation.

### [E2425] CNBC Top News | 2026-07-23 20:15 UTC | 收盘后
Tesla, Alphabet lose hundreds of billions in value in post-earnings stock plunge
URL: https://www.cnbc.com/2026/07/23/tesla-tsla-alphabet-googl-stock-today.html
Shares of Alphabet and Tesla fell on Thursday after both companies signaled increased AI spending, unnerving investors worried about the mounting costs of the artificial intelligence boom.
Tesla stock closed 14.5% lower while Alphabet lost 7.1%. Elon Musk's EV maker posted its worst day since March 2025.
Tesla lost about $200 billion in market cap on Thursday, while the Google parent saw about $300 billion wiped out.
Both companies reported negative free cash flow for the second quarter on Wednesday. Alphabet raised its capital expenditure forecast for this year to $195 billion to $205 billion and warned of higher figures in 2027. The Google parent company's previous projection was for capex between $180 billion and $190 billion.
Tesla, meanwhile, said capex surged 142% year on year in the second quarter to $5.79 billion. The company said it expects more than $25 billion in capex this year.
Management at both companies looked to calm investor fears over spending.
"This is a massive capex year. I'm confident that all the things that we're investing in will yield incredible returns. Really, maybe the best capex returns that we've ever seen," Musk said on the earnings call Wednesday.
Musk talked up the company's future initiatives around semiconductor production and Optimus, Tesla's humanoid robot, as it highlighted where the spending was going. Tesla is "installing the first-generation lines for Optimus," and will "start production soon," the company said in its earnings presentation.
Alphabet's CFO said the spending increase "is primarily due to an acceleration in the delivery of capacity to meet growing demand." The tech giant has maintained that it does not have enough computing capacity to meet the AI demand that it is seeing.
"Investors appear to be focusing on the sharp rise in capital expenditure, alongside a weaker margin outlook, while continued delays to Gemini 3.5 Pro and a lack of standout product releases have raised questions about whether Alphabet's AI investments are yet translating into a clear competitive advantage," Ben Barringer, head of technology research at Quilter Cheviot, told CNBC.
Spending figures at both companies were offset by some bright spots.
There were signs that some of Google's investments were beginning to pay off. Google's cloud revenue jumped 82% to $24.8 billion, beating forecasts.
"This is one of the strongest revenue growth quarters that Alphabet has had in five years, and Alphabet is a really great barometer for this whole AI wave," Alison Porter, portfolio manager at Janus Henderson, told CNBC's "Squawk Box Europe" on Thursday.
Porter pointed to the strong revenue growth of Google Cloud as well as the jump in the division's operating margin to 35.6% in the second quarter from 20.7% in the same period last year as proof of the company's strong performance as a result of its investments.
"We think this look is ... very encouraging for overall AI capex and also for the returns that these platforms are seeing on that spend," Porter said.
At Tesla, the company's core automotive business brought in $20.52 billion in revenue, up 23% year on year.
— CNBC's Lora Kolodny and MacKenzie Sigalos contributed to this report.
Correction: Alphabet's CFO said the spending increase "is primarily due to an acceleration in the delivery of capacity to meet growing demand." An earlier version misattributed the quotation.

### [E2829] 华尔街日报 | 2026-07-23 21:04 UTC | 收盘后
Reality Bites Elon Musk and His Tesla, SpaceX Believers
URL: https://www.wsj.com/finance/stocks/reality-bites-elon-musk-and-his-tesla-spacex-believers-1b639591
Tesla shares fell around 15% after missing earnings targets, while SpaceX shares have dropped nearly 50% from their highs.

On an earnings call, Elon Musk walked back earlier rollout guidance for Tesla’s Robotaxi service, Optimus robots and electric semi truck.

SpaceX shares have faced pressure after the company postponed a Starship test launch and ahead of an August lockup expiration.

This summary was generated with AI and reviewed by an editor. Read more about how we use artificial intelligence in our journalism.

Tesla shares fell around 15% after missing earnings targets, while SpaceX shares have dropped nearly 50% from their highs.View more

A month ago, Elon Musk was crowned the world’s first trillionaire after a record public offering for SpaceX SPCX . Now investors are growing impatient with the pioneering businessman as the bills come due on his most ambitious promises for SpaceX and Tesla TSLA .

Tesla shares fell around 15% on Thursday—erasing $200 billion of market value—after the electric vehicle maker missed earnings targets and had negative cash flow for the first time in two years. It was part of a wider stock selloff amid fears that big tech companies are overspending on artificial intelligence.

On an earnings call, Musk walked back earlier guidance on the rollout of its Robotaxi ride-hailing service, Optimus humanoid robots and an electric semi truck that has been in development for years.

Shares of SpaceX, which went public at $135 and traded above $225 in the days after its debut, are down nearly 50% from those highs. The stock broke below its initial-public-offering price within weeks and has lost more than $1 trillion in value from its peak.

The declines have deepened after SpaceX postponed a test launch of its Starship rocket and as investors anticipate a flood of shares being freed from lockup restrictions in early August. That would allow insiders to sell some of their stakes, putting further pressure on the share price.

Samer Halawi, a consultant and former satellite executive, said SpaceX has exposed itself to more pressure by going public, especially as it pursues untested concepts like deploying AI satellites.

“Access to capital is going to be scrutinized,” Halawi said. “When you’re a public company, people are going to expect a return. You can’t operate the same way you’ve been operating.”

SpaceX and Tesla are still among the most valuable U.S. companies, valued at $1.5 trillion and $1 trillion, respectively. Investors continue to place a premium on Musk’s leadership of the companies and his ambitious product road maps.

True believers see Musk as a visionary capable of seizing markets long before they exist, citing Tesla’s dominance in the electric-vehicle market and SpaceX’s success in the rocket-launch business. Musk has promised to transition both companies into dominant forces in an AI arms race in which they are behind.

“I love Tesla and have been a superfan for well over a decade,” Tesla influencer Dillon Loomis posted on X ahead of the earnings report. “If these goals are so uncertain, please just don’t share them. Say whatever you want internally, but to say them publicly and not even get close does nothing but hurt the company and many following it.”

In an earnings call Wednesday, Tesla executives responded to questions from individual investors frustrated by the slow rollout of its Robotaxi ride-hailing service, which expanded to its seventh city in July. Musk in January had said that the service would be in a quarter to half the U.S. by the end of the year.

Musk continued to tease a future demonstration of Tesla’s third-generation Optimus robot, which he previously said would be demonstrated in the first quarter. Musk has said that the robot could be the largest product of all time, and that Tesla is preparing its production line to manufacture one million of the bots annually.

Tesla also told investors in its earnings slides that it planned to start production for its all-electric semi truck by the end of the year, despite Musk telling investors in April that production would start “soon.”

For SpaceX, much of the company’s promises ride on the success of its Starship rocket, which is still under development. The company is set to conduct another test flight of the vehicle from its complex outside of Brownsville, Texas, on Thursday evening.

SpaceX scheduled the test-flight for July 16, but the launch was scrubbed after unexpected problems with several engines on the rocket’s booster. The stock’s weakness following the delay prompted some SpaceX fans, who closely monitor and cheer its launches, to share their frustrations in social-media posts.

The company needs to move Starship from a test phase and start using it on revenue-generating missions. In an IPO filing, SpaceX said it expects to begin deploying upgraded Starlink satellites with Starship during the second half of this year.

Also pressuring SpaceX shares is the reality that insiders will be allowed to sell some of their holdings shortly after the company hosts its first-ever earnings call on Aug. 4. The lockup expiration on Aug. 6 will add up to 911.5 million shares to the market, roughly doubling the amount that are freed to trade.

Investors and analysts have speculated that Musk, who is the biggest individual shareholder in the two companies, could try to merge SpaceX and Tesla into a single AI-focused company.

“There’s more and more overlap, especially with Terafab,” Musk said, referring to a multibillion-dollar joint venture to develop and manufacture chips in Texas. “But obviously we can’t talk about, you know, combining companies and that kind of thing on earnings calls. It’s got to be done with the appropriate process.”

### [E2830] 华尔街日报 | 2026-07-23 21:04 UTC | 收盘后
Reality Bites Elon Musk and His Tesla, SpaceX Believers
URL: https://www.wsj.com/finance/stocks/reality-bites-elon-musk-and-his-tesla-spacex-believers-1b639591
Tesla shares fell around 15% after missing earnings targets, while SpaceX shares have dropped nearly 50% from their highs.

On an earnings call, Elon Musk walked back earlier rollout guidance for Tesla’s Robotaxi service, Optimus robots and electric semi truck.

SpaceX shares have faced pressure after the company postponed a Starship test launch and ahead of an August lockup expiration.

This summary was generated with AI and reviewed by an editor. Read more about how we use artificial intelligence in our journalism.

Tesla shares fell around 15% after missing earnings targets, while SpaceX shares have dropped nearly 50% from their highs.View more

A month ago, Elon Musk was crowned the world’s first trillionaire after a record public offering for SpaceX SPCX . Now investors are growing impatient with the pioneering businessman as the bills come due on his most ambitious promises for SpaceX and Tesla TSLA .

Tesla shares fell around 15% on Thursday—erasing $200 billion of market value—after the electric vehicle maker missed earnings targets and had negative cash flow for the first time in two years. It was part of a wider stock selloff amid fears that big tech companies are overspending on artificial intelligence.

On an earnings call, Musk walked back earlier guidance on the rollout of its Robotaxi ride-hailing service, Optimus humanoid robots and an electric semi truck that has been in development for years.

Shares of SpaceX, which went public at $135 and traded above $225 in the days after its debut, are down nearly 50% from those highs. The stock broke below its initial-public-offering price within weeks and has lost more than $1 trillion in value from its peak.

The declines have deepened after SpaceX postponed a test launch of its Starship rocket and as investors anticipate a flood of shares being freed from lockup restrictions in early August. That would allow insiders to sell some of their stakes, putting further pressure on the share price.

Samer Halawi, a consultant and former satellite executive, said SpaceX has exposed itself to more pressure by going public, especially as it pursues untested concepts like deploying AI satellites.

“Access to capital is going to be scrutinized,” Halawi said. “When you’re a public company, people are going to expect a return. You can’t operate the same way you’ve been operating.”

SpaceX and Tesla are still among the most valuable U.S. companies, valued at $1.5 trillion and $1 trillion, respectively. Investors continue to place a premium on Musk’s leadership of the companies and his ambitious product road maps.

True believers see Musk as a visionary capable of seizing markets long before they exist, citing Tesla’s dominance in the electric-vehicle market and SpaceX’s success in the rocket-launch business. Musk has promised to transition both companies into dominant forces in an AI arms race in which they are behind.

“I love Tesla and have been a superfan for well over a decade,” Tesla influencer Dillon Loomis posted on X ahead of the earnings report. “If these goals are so uncertain, please just don’t share them. Say whatever you want internally, but to say them publicly and not even get close does nothing but hurt the company and many following it.”

In an earnings call Wednesday, Tesla executives responded to questions from individual investors frustrated by the slow rollout of its Robotaxi ride-hailing service, which expanded to its seventh city in July. Musk in January had said that the service would be in a quarter to half the U.S. by the end of the year.

Musk continued to tease a future demonstration of Tesla’s third-generation Optimus robot, which he previously said would be demonstrated in the first quarter. Musk has said that the robot could be the largest product of all time, and that Tesla is preparing its production line to manufacture one million of the bots annually.

Tesla also told investors in its earnings slides that it planned to start production for its all-electric semi truck by the end of the year, despite Musk telling investors in April that production would start “soon.”

For SpaceX, much of the company’s promises ride on the success of its Starship rocket, which is still under development. The company is set to conduct another test flight of the vehicle from its complex outside of Brownsville, Texas, on Thursday evening.

SpaceX scheduled the test-flight for July 16, but the launch was scrubbed after unexpected problems with several engines on the rocket’s booster. The stock’s weakness following the delay prompted some SpaceX fans, who closely monitor and cheer its launches, to share their frustrations in social-media posts.

The company needs to move Starship from a test phase and start using it on revenue-generating missions. In an IPO filing, SpaceX said it expects to begin deploying upgraded Starlink satellites with Starship during the second half of this year.

Also pressuring SpaceX shares is the reality that insiders will be allowed to sell some of their holdings shortly after the company hosts its first-ever earnings call on Aug. 4. The lockup expiration on Aug. 6 will add up to 911.5 million shares to the market, roughly doubling the amount that are freed to trade.

Investors and analysts have speculated that Musk, who is the biggest individual shareholder in the two companies, could try to merge SpaceX and Tesla into a single AI-focused company.

“There’s more and more overlap, especially with Terafab,” Musk said, referring to a multibillion-dollar joint venture to develop and manufacture chips in Texas. “But obviously we can’t talk about, you know, combining companies and that kind of thing on earnings calls. It’s got to be done with the appropriate process.”

### [E1934] Investing.com | 2026-07-23 18:57 UTC | 盘中
Micron gains as Musk thanks it for ’significant’ memory chip allocation
URL: https://www.investing.com/news/stock-market-news/micron-gains-as-musk-thanks-it-for--significant-memory-chip-allocation-4809785
Oil soars, Brent tops $100 a barrel after Houthis attack Saudi tankers in Red Sea
Investing.com - Elon Musk used Tesla's Q2 2026 earnings call on Wednesday evening to publicly thank Micron Technology for providing a "very significant allocation" of memory chips on "reasonable terms" at a moment when he described memory pricing as "pretty insane."
Micron (NASDAQ: MU) shares rose 3.1% in intra-day action Thursday following the comments as investors interpreted the endorsement as confirmation of a deepening strategic supply relationship. The move is in stark contrast to Tesla, which is down 14.3% following an earnings miss, negative free cash flow and weak auto margins.
Musk's exact words, as captured in an Investing.com earnings-call transcript, left little ambiguity about the significance of the arrangement: "I actually I'd also like to thank Micron for giving us the memory allocation. They're going to make some very tough decisions on memory allocation, and we really appreciate Micron making room for Tesla in the years to come and giving us actually a very significant allocation on reasonable terms given the pretty insane pricing of memory these days."
The phrase "years to come" is doing considerable work in that sentence. TrendForce reported on Thursday that Micron's Strategic Customer Agreements — long-term contracts that lock in both pricing and supply volumes for three to five years — already cover roughly 20% of Micron's DRAM output and about one-third of its NAND volumes. Tesla appears to be joining an expanding roster of AI-driven SCA customers that, according to TrendForce, includes GM, Ford and Anthropic. Micron has not publicly confirmed the terms, duration, or volume of any Tesla-specific deal, and it is not yet clear whether the arrangement constitutes a formal multi-year SCA or a shorter-term commitment.
The broader context makes the supply partnership strategically important for both companies. Tesla is in the midst of a capital-expenditure cycle that Musk described as targeting AI compute, Optimus humanoid robots, Robotaxi fleets and semiconductor manufacturing, all of which are heavy consumers of memory chips. On the call Musk echoed language that Apple CEO Tim Cook has used to describe the memory crunch, calling it "the biggest price jump in anything I've ever seen." That framing signals the shortage is not a transient procurement headache but a systemic constraint on Tesla's expansion timeline.
Musk also addressed Tesla's broader spending ambitions directly: "This year is an extremely huge year for capital expenditures, but I am confident that all the projects we invest in will generate incredible returns. This could be the best return on capital expenditures we have ever seen."
The Micron halo extended to the broader memory sector in overnight trading on July 22. SanDisk, Western Digital and SK Hynix each gained about 2%, while the Roundhill Memory ETF (DRAM) rose 2.6%.
In addition to Musk's Micron endorsement, a separate surge in Alphabet's capital expenditure guidance disclosed overnight is adding to the positive sentiment.

## 研究交付要求

这是一条已经从整场材料语义拆出的独立催化，不要重新把它压回大盘总评。核实美股异动原因和传播时序；用结构化供应链、内部 KB 与公司披露坐实每个亚洲候选；逐腿查真实行情和本地市场 price-in；候选不成立也要逐条给出有证据的 AVOID。