According to CoinMeta, Tesla's stock is transforming into Elon Musk's AI empire. In the second quarter of 2026, Tesla achieved net revenue of $1.11 billion, mainly from the paper gains of $1.01 billion from its SpaceX shares, rather than car sales. Although car sales increased by 23% year-on-year to $20.52 billion, the operating margin dropped from 4.1% last year to 1.4%. Tesla's operating expenses for its AI infrastructure and robot taxi projects increased by 47% to $4.4 billion, while regulatory credit income plummeted by 67% to $146 million. Tesla delivered a record 480,126 cars that quarter, but the gross margin still decreased to 16.8%. Tesla's market value has increased by about $500 billion, indicating that its future relies more on AI rather than car sales.