NEW YORK — Tesla Inc. shares climbed more than 2.4% on Wednesday, May 6, 2026, closing at $398.73 and extending a rebound from recent lows as investors increasingly focus on the electric vehicle maker's long-term bets on artificial intelligence, autonomous driving and humanoid robotics despite near-term pressures on its core auto business.

The stock rose $9.36 on solid volume, trading as high as $401.68 intraday before settling near the psychologically important $400 level. After-hours trading saw a modest pullback to around $397. Tesla's market capitalization now hovers near $1.5 trillion, reflecting renewed optimism around CEO Elon Musk's vision even as traditional vehicle sales face headwinds.

The move comes roughly two weeks after Tesla's first-quarter earnings, which showed resilience in margins and free cash flow but also highlighted aggressive capital spending plans exceeding $25 billion for the year to fuel future growth initiatives.

Q1 Results: Margin Strength Amid Auto Challenges

Tesla reported adjusted earnings per share of 41 cents in Q1, beating expectations of around 37 cents, while revenue came in slightly below forecasts at roughly $22.4 billion. Automotive margins improved thanks to cost-cutting measures and a rebound in demand in certain markets, though overall vehicle deliveries rose only modestly year-over-year.

Energy storage deployments reached a record 8.8 GWh, providing a bright........

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