Tesla Sinks on Investor Angst Over AI Spending, Profit Drop (1)
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Tesla Inc. shares plunged after disappointing quarterly results raised questions about Elon Musk’s plan to refocus the electric vehicle maker on artificial intelligence and robots.<br>The stock tumbled 15% in New York on Thursday, the biggest drop since March 2025 and extending the decline this year to 29%. Multiple analysts cut their price targets for Tesla following the earnings report, including those from JPMorgan, Cantor Fitzgerald and Mizuho Securities.<br>Profit fell well short of Wall Street’s estimates for the period as spending on its ambitious initiatives surged to $5.8 billion, resulting in Tesla’s first cash burn in two years. ...
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