Tesla shares opened September 2026 near $361 after closing August at $367.95 following an 18% monthly advance, amid Q2 results showing $28.24 billion revenue (up 26% YoY) but a 1.4% operating margin and $0.33 non-GAAP EPS that missed consensus, with free cash flow turning negative on doubled capex exceeding $8 billion for the half. Traders are weighing record 480k deliveries and rising FSD subscriptions against margin compression from price competition and AI/robotaxi investments, including Cybercab production ramp and Optimus preparations, while the stock trades at a forward P/E above 190 near its 50-day SMA with analyst targets clustered around $390. Mixed European registrations and regulatory scrutiny on autonomy add near-term volatility ahead of October earnings.