Nick Martell

All right.

That is, yesterday, Tesla announced what was on paper their worst earnings ever by far.

Oh, let's hit the numbers.

Revenue, profits, cash flow all fell big.

Other vehicles, the category that includes the Cybertruck, fell 48% in the fourth quarter.

Besties, let this sink in.

Revenue for Tesla peaked more than two years ago.

Their profits down 75% in 2025.

But guess what?

Despite their worst quarter ever, Tesla stock rose after announcing earnings yesterday.

Tesla stock hit an all-time high earlier this month.

So you got to ask the question, why is Tesla all-time highing?

when sales and profits have been shrinking for two straight years?

Well, here's the answer, Jack.

Because revenue, profits, they don't matter for Tesla.

The rules of Econ 101 do not apply.

And we've actually been here before with Tesla.

We have.

You see, in the late 20-teens, Tesla was way more valuable on Wall Street than its core business justified.

Back then, when Jack and I were covering Tesla's earnings like we still do today, you own Tesla stock not because of the financials, but because of faith.