One-line thesis
Execution noise is outweighing near-term product excitement.
Bull case
- Retail momentum can still overpower weak fundamentals for short stretches.
- Any autonomy milestone can quickly reset the narrative.
Bear case
- Margin pressure and discounting remain hard to dismiss.
- Narrative volatility creates sharp reversals when delivery data disappoints.
- The market is asking for cleaner execution than the company is offering.