Tesla releases its earnings report on Wednesday evening.

I find it a bit hard to understand Tesla now; what exactly is its current stock price based on?
It's not the current cars, as delivery volumes have consistently fallen short of expectations.
It's not the current profits, as gross margins are still declining.
It's not the current P/E ratio, which has long been too expensive to value with traditional logic.
Because what everyone is buying isn't Tesla now, but Robotaxi, Optimus, and the AI empire that hasn't yet appeared.
Betting on the future isn't wrong, but how much these futures are actually worth, I really don't know.
So, what's in tonight's earnings report isn't that important; I just want to see what Musk will say.