Tesla shares may face renewed near-term volatility as investor concerns over AI spending resurface following SpaceX's quarterly results. After hitting a 52-week low late last month, Tesla rebounded from under $300 to around $325 per share, partly driven by excitement ahead of SpaceX's August 4 earnings release. However, SpaceX's reported ramp-up in AI-related spending has reignited fears that Tesla is similarly boosting expenditures, which contributed to Tesla's second-quarter earnings miss where non-GAAP earnings fell 18% to $0.33 per share and operating income plunged 57% year over year. This dynamic could lead to a pullback in Tesla's stock, but long-term bulls see any retesting of recent lows as an opportunity tied to the company's pivot into AI, robotics, and autonomous vehicle technology.
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