Good morning, investors. Tesla has been through plenty of turmoil over the last year, largely tied to Elon Musk’s politics. But since he’s pulled back in recent months, it’s been a boon for Tesla shareholders.

Whatever you may think of the colorful billionaire, the latest earnings numbers tell a clear story of momentum.

With a refocused Elon Musk at the helm, Tesla is making its move.

The 10th largest company in the world announced strong quarterly results after the bell Wednesday:

Despite those records, the stock dipped as Tesla missed estimates for $0.54 adjusted earnings per share, coming in at $0.50.

Net income also fell 37%, despite the revenue jump.

At any rate, after a volatile election season and Musk’s high-profile political ventures, Tesla’s cash engine does appear to be accelerating once again on ambitions tied to robots.

“I think it's important to emphasize that Tesla really is the leader in real world AI,” Musk said on the earnings call.

“No one can do what we can do with real world AI,” he added. “I think that Tesla has the highest intelligence density of any AI out there in the car.”

Indeed, the company now has more capital than ever ready to deploy for its pursuits in AI, robotics and energy storage.

Operating margins improved slightly in the third quarter, though they remain below levels seen a year ago.

Still, narrowing margins also reflect Tesla’s transition from a pure-play car company to a vertically-integrated energy and technology leader.

Despite political and tariff-related headwinds, Tesla continues to scale efficiently, as the revenue jump illustrates.

Meanwhile, Tesla’s energy revenue is now growing far faster than its automotive, which is helping off-set thinner margins on its still-growing core vehicle business.

Tesla is also rebounding from its weaker quarters following President Trump’s election win, as car sales dropped by double-digits in the first half of 2025.

With its after-hours choppiness Wednesday, the stock has climbed more than 15% so far in 2025.

That’s weaker than every Magnificent 7 name except Amazon and Apple.

Tesla’s board is set to vote on Musk’s new compensation at the company’s annual meeting on November 6, which could be worth $1 trillion over the next decade.

That pay package, according to Tesla, will keep Musk focused and committed to the company, and it’s contingent on unprecedented and unrealistic milestones that no other executive would be able to achieve for the business.

Tesla expects to unveil the latest Optimus humanoid robot in the first quarter of 2026, which Musk said can help deliver “sustainable abundance.”

“We believe, with Optimus and self-driving, that you can actually create a world where there is no poverty, where everyone has access to the finest medical care,” Musk said. “Optimus will be an incredible surgeon, for example, and imagine if everyone had access to an incredible surgeon.”

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⚡ The US is weighing taking stakes in quantum companies. The Commerce Department is reportedly in talks to fund companies in the sector in exchange for equity stakes, underscoring the government’s interest in innovative corners of the economy. (WSJ)

🛢The US hit Russian oil giants with fresh sanctions. President Trump announced new measures against Russia’s two largest oil companies, Lukoil and Rosneft, as well as their subsidiaries: “I just felt it was time. We waited a long time.” (Bloomberg)

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🗓️ October 23, 1987: Stocks staged a rebound as central banks moved to restore confidence following “Black Monday,” with the Dow surging 10.2% in its largest-ever single-day point gain at the time.

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