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Tesla Q3 Earnings: Record Deliveries Hide Looming Post-Tax Credit Reality
Tesla

Tesla’s Free Cash Flow Collapsed $44 Billion. The Stock Went Up.

Tesla faces a $43.9 billion shift in free cash flow expectations, yet its stock remains resilient at 178x forward earnings. We break down the Q1 2026 delivery miss, the $20 billion AI capex cycle, and why the valuation disconnect is reaching a breaking point.

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