Why did Tesla's profits fall short?
Heavy AI spending, mainly: Tesla's Q2 revenue beat at $28.24bn, up 26%, but adjusted earnings of 33 cents a share missed the 50-cent consensus and net income slipped 5% to $1.11bn. Full-year capital spending will top $25bn for AI, robotics and factories, with executives calling 2026 a 'massive capex year'. Shares fell as investors weighed robotaxi ambition against thinner profits.
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