周四，特斯拉股价下跌2%，此前这家电动汽车制造商下调了资本支出预期，引发了指望大规模投资来支撑埃隆·马斯克AI和机器人愿景的投资者担忧。
Oct 22 : Tesla's shares fell 2 per cent on Thursday after the EV maker cut its capital spending forecast, raising concerns among investors counting on heavy investment for Elon Musk's AI and robotics vision.
公司周三将2026年资本支出预测从250亿美元以上下调至约200亿美元，因第三季度在AI和机器人方面的支出远低于预期，从而带来了意外的正向自由现金流。
The company on Wednesday lowered its 2026 capital spending forecast to about $20 billion from more than $25 billion after spending far less than expected on AI and robotics in the third quarter, which led to a surprise positive free cash flow.
随着首席执行官马斯克探索将特斯拉与资金需求大得多的SpaceX结合，这一稳健的财务状况可能显得尤为宝贵。
The strong position may prove valuable as CEO Musk explores combining Tesla with the far more capital-intensive SpaceX.
eToro首席分析师乔希·吉尔伯特表示，资本支出在这个市场上是微妙的平衡。他补充说，如果投资者能看到回报，他们会欢迎更大的预算，但预算缩减则暗示增长放缓。
Capex is a delicate balance in this market, said Josh Gilbert, lead analyst at etoro. Investors welcome a larger budget if they can see returns, but a smaller one hints at slowing growth, he added.
“对于一只以Cybercab和Optimus定价的股票来说，资本支出预测下调解释了为什么尽管大多数指标超预期，股价却毫无起色。” 特斯拉未细分将削减支出的具体领域，管理层周三将此调整归因于高效管理资本部署。
"For a stock priced on Cybercab and Optimus, that (capex forecast cut) explains why the shares went nowhere on a result that beat on most measures." Tesla did not break down the areas that would see spending cuts and the leadership on Wednesday attributed the adjustment to managing capital deployment efficiently.
特斯拉股价今年以来已下跌约14%，与纳斯达克指数约15%的涨幅形成对比。该股较12月创下的498.83美元历史盘中高点低约23%。
Tesla's shares have declined about 14 per cent this year, in contrast to the Nasdaq's roughly 15 per cent gain. The stock is about 23 per cent below its record intraday high of $498.83, reached in December.
然而，其估值仍远高于同行：特斯拉市盈率（基于前向盈利预估）为188.24倍，而福特为6.58倍，通用汽车为5.16倍。
Its valuation, however, remains well above peers: Tesla traded at 188.24 times its forward earnings estimates, compared with 6.58 for Ford and 5.16 for General Motors.
马斯克周二表示，特斯拉和SpaceX已成立特别委员会讨论潜在的超级合并。此举可能创造一个价值约3.5万亿美元的AI、汽车、卫星和火箭巨头。
Tesla and SpaceX have formed special committees to discuss a potential mega-merger, Musk said on Tuesday. The move could create an AI, cars, satellites and rockets behemoth worth about $3.5 trillion.
AJ Bell投资总监拉斯·莫尔德表示：“风险在于，特斯拉现在进入一段迷茫期，投资者静待与SpaceX潜在合并的消息，而这……可能面临重大监管障碍。”
"The risk is Tesla now enters a period of limbo while investors await news on a potential combination with SpaceX, which ... might face significant regulatory hurdles," said Russ Mould, investment director at AJ Bell.