Tesla's Market Cap Just Slipped Below $1.5 Trillion. Here's What the Bears Get Right -- and Wrong.

Tesla stock has underperformed the S&P 500 by nearly 38% in 2026 due to delayed robotaxi revenue expectations, increased capital expenditures above $25 billion, and margin compression. While bears were correct about robotaxi rollout delays, the article suggests the stock price decline may present a long-term entry opportunity as expectations reset and progress on FSD v15 development could drive positive narrative shifts in 2027.