Brian Stewart

The stock in general is hovering off its highs.

As a car company, and this is sort of the story of Tesla over the last several years.

So as a car company, it's pretty meh, right?

It's a niche car producer.

It's nowhere near somebody like a Ford or a GM.

It's being passed by some of its EV rivals in terms of deliveries.

Both deliveries and production were down in the fourth quarter.

But in terms of the stock price, in terms of your average Tesla investor, and certainly in terms of

Elon Musk's vision for the company.

It's presented more as a technology company, broadly speaking.

And so this earnings report had sort of that story embedded in it.

Like I said, you have the declines in terms of deliveries and production, but you also see the company making...

real material shifts towards some of the other products that they've been touting as being on the horizon for a while.

So you're seeing the company halt model SX production, give that manufacturing capacity to the Optimus human robot.

You're also seeing the company highlight progress that it's making on robo taxis and proprietary AI chips.

So you're continuing to see the company

present itself as more than like the car is just the way to process experiments that there's going to do a broader sort of technological revolution.

So I think in general,

investors are still on board with that message.

I think in the wake of this particular earnings report, they just sort of figured, wait and see, we'll, we'll check back in when we, we get some real robot production, when we get, you know, some real robo taxi progress.