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At Tesla, the wheels are slowing, but the hype engine is humming. On Wednesday, Elon Musk’s EV empire will report its second-quarter delivery figures, a once-predictive metric for the stock’s movement that has been seemingly reduced to background noise. Now, Tesla’s stock isn’t driving itself off of fundamentals anymore — it’s running on the idea

Photo: Spencer Platt (Getty Images), Scott Olson (Getty Images), Andrew Harnik (Getty Images), Kevin Frayer (Getty Images), Spencer Platt (Getty Images), Scott Olson / Staff (Getty Images), Jamie McCarthy (Getty Images), Michael M. Santiago (Getty Images), Michael M. Santiago (Getty Images), Image: Michael M. Santiago (Getty Images) Photo: Scott Olson (Getty Images) Photo: Andrew Harnik

Image: Scott Olson (Getty Images), Scott Olson / Staff (Getty Images), Scott Olson (Getty Images), Duolingo, Photo: Andrew Harnik (Getty Images), Michael Ciaglo (Getty Images), Joe Raedle (Getty Images), Mario Tama (Getty Images) A Walmart in Chicago, Illinois. Image: Scott Olson (Getty Images) Walmart’s big pay bump for its store managers is paying off, according

Image: Tesla , Photo: Michael M. Santiago (Getty Images), Justin Sullivan (Getty Images), Justin Sullivan (Getty Images), Chip Somodevilla (Getty Images), Justin Sullivan (Getty Images), Justin Sullivan (Getty Images), Justin Sullivan (Getty Images), Joe Raedle / Staff (Getty Images), Noam Galai (Getty Images) Tesla’s Optimus robot featured in a mockup handed out by the company.

Image: Scott Olson / Staff (Getty Images), Mario Tama / Staff (Getty Images), Photo: Tibrina Hobson (Getty Images), Leon Neal (Getty Images), Dan Kitwood (Getty Images), Spencer Platt / Staff (Getty Images), Andrew Harnik (Getty Images) A sign with the company logo sits on the headquarters campus of Eli Lilly and Company on March 17

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Tesla (TSLA) shares rose despite fourth-quarter revenue and other metrics falling short of Wall Street expectations.Read more...

Photo: Kenny Holston-Pool (Getty Images), Thomas Fuller/SOPA Images/LightRocket (Getty Images), Image: Charles O’Rear (Getty Images), seksan Mongkhonkhamsao (Getty Images), Illustration: Thomas Fuller/SOPA Images/LightRocket (Getty Images), George (Getty Images), ojogabonitoo (Getty Images), Screenshot: Ryan Cohen’s X account ( Other ) Elon Musk at the inauguration of U.S. President-elect Donald Trump in the U.S. Capitol Rotunda on