TSLA

Tesla

research_scan theme='autonomous-mobility'; value_chain_position='Layer 1-4 vertically integrated (supervised-FSD corpus + HW5 + robotaxi OEM)'; Robotaxi in Austin remains supervised at last verified read; unsupervised-by-EOY-2026 target treated as speculating. Q1 2026 revenue $22.4B, 88% consumer-driven, no Robotaxi GAAP line yet (BPA Essay 04 anchor). High-multiple with embedded Robotaxi optionality is textbook fragility case — supports_avoid on C-04 (posture 42) and would fit an un-injected valuation-regime claim.