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

TSLA has fallen below a $1.5 trillion market cap after underperforming the S&P 500 by nearly 38% in 2026, pressured by three specific headwinds: delayed robotaxi revenue, capital expenditures climbing above $25 billion, and ongoing margin compression. The Motley Fool reports that bearish calls on robotaxi rollout delays proved accurate, validating skepticism around the autonomous vehicle timeline.

Despite the selloff, the article frames the decline as a potential reset that could create entry points for patient capital. The catalyst for a sentiment shift: progress on Full Self-Driving version 15, which the publication suggests could drive a positive narrative reversal in 2027 as the technology advances and expectations recalibrate.

The stock's sharp underperformance reflects both execution risk on the robotaxi business model and the capital intensity required to scale autonomous and AI infrastructure. Bulls betting on a turnaround will need concrete FSD milestones to offset near-term margin pressure.