Tesla ($TSLA) cut its 2026 CapEx outlook by 20%, from $25B to about $20B. GLJ Research CEO Gordon Johnson (@GordonJohnson19) is asking whether Tesla should be viewed as a “jr. hyperscaler” and if the cut has broader implications for the AI trade.

Tesla is now adding an average of 2,800 FSD subscribers per day, a record high. Overall, Tesla is now generating $92 million per month, or $1.1 billion per year, from FSD subscriptions.

Tesla ($TSLA) kept its Bitcoin ($BTC) holdings unchanged through the third quarter while the value of its crypto stash jumped sharply. Tesla reported $962 million in digital assets on its balance sheet, up 42% from the previous quarter. The company also recorded $288 million in unrealized gains on its cryptocurrency holdings, ending a three-quarter streak of paper losses. Tesla does not provide a detailed breakdown of its digital assets, but Arkham Intelligence estimates the company continues to hold 11,509 Bitcoin, unchanged from recent quarters. At Bitcoin’s Sept. 30 closing price of roughly $83,554, that position closely matched the value Tesla reported on its balance sheet. Tesla is now ranked as the 11th-largest corporate holder of Bitcoin, ahead of companies including Block and Riot Platforms. SpaceX ($SPCX) also maintained its Bitcoin holdings during the third quarter, keeping both of Elon Musk’s major companies exposed to the cryptocurrency. Tesla separately reported third-quarter revenue of $28.05 billion, roughly flat year over year, while adjusted earnings of 48 cents per share beat the 43-cent consensus estimate. Tesla shares fell 3.7% in after-hours trading after closing the regular session 3.4% higher at $386.47.

TESLA ($TSLA ): WALL STREET PRICE TARGET CHANGES, RATING UPGRADE & REITERATIONS RATING UPGRADE 🔸 CLSA — Christopher Richter: Underperform → Hold | PT raised to $400 from $310 PRICE TARGET INCREASES — RATINGS MAINTAINED 🔸 Piper Sandler — Alexander Potter: $450 → $475 | Overweight 🔸 Mizuho — Vijay Rakesh: $450 → $460 | Outperform 🔸 Canaccord — George Gianarikas: $410 → $442 | Buy 🔸 JPMorgan — Rajat Gupta: $415 → $430 | Neutral 🔸 UBS — Joseph Spak: $391 → $425 | Neutral 🔸 Morgan Stanley — Andrew Percoco: $400 → $410 | Equalweight RATINGS & PRICE TARGETS REITERATED 🔸 Cantor Fitzgerald — Andres Sheppard: Overweight | $485 🔸 TD Cowen — Itay Michaeli: Buy | $460 🔸 Goldman Sachs — Mark Delaney: Neutral | $360