Tesla, Inc. reported Q3 results with flat revenue, improved automotive margins, but a 56% drop in operating income and halved GAAP EPS. TSLA's valuation remains extreme at 225x TTM EPS, with 67% of the stock price reliant on future, largely unproven initiatives like robotaxi, Optimus, and a potential SpaceX merger. SpaceX and Tesla are evaluating a merger, but approval hurdles and valuation opacity would further detach TSLA from its core fundamentals.
Read on seekingalpha.com