Tesla Shares Drop 4.2% After Musk Signals Maximal Capex Spending

Tesla shares fell 4.2% after its July 22, 2026 Q2 earnings call, where Elon Musk said the company should be spending on capex "as fast as we can spend, as fast as we can without it being too wasteful." The remarks point to accelerated AI infrastructure investment. Investors marked down shares, pricing in a longer wait before that capital converts to earnings.