On June 29, 2026 Eastern Time, the three major U.S. stock indexes collectively closed higher, with the Nasdaq up 2.07%, the Dow up 0.59%, and the S&P 500 up 1.17%. Among the mostly rising large-cap tech stocks, Tesla (TSLA) stood out with an 8.46% gain, closing at $411.84 with a trading volume of $23.08B. This rally was not an isolated event. Since the beginning of the year, Tesla's stock price has accumulated a decline of about 15%, while the Nasdaq 100 index has risen about 16% over the same period. Against this relatively lagging backdrop, a single-day rebound of 8.46% appears particularly dramatic. One direct trigger for this rebound was Elon Musk's post on the X platform, stating that Tesla has begun pushing the new FSD-related update to owners equipped with AI3 hardware — but the deeper driving force is the market's repricing of expectations for Robotaxi scaling. Tesla's stock price sensitivity to Robotaxi-related information has long surpassed the reaction pattern of traditional auto stocks to sales data. What this reflects is a fundamental shift in valuation logic: the capital market is pulling Tesla out of the valuation framework of an "automobile manufacturer" and instead placing it under the model of a "physical AI platform" or "Mobility as a Service." Understanding this shift is key to understanding Tesla's stock price volatility logic. Robot