A month before the crash

Over the past 25 years, I've made it my mission to speak up when something feels off in the markets. ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­

Dear Reader,

Over the past 25 years, I've made it my mission to speak up when something feels off in the markets.

A month before the dot-com bubble burst, I published a warning essentially saying: "This can't last."

In 2008, I rang the alarm on housing calling the fall of Bear Stearns and Lehman Brothers.

I've exposed shady CEOs, market frauds, and financial bubbles before most investors saw the cracks.

Eventually, CNBC gave me a nickname I didn't ask for: "The Prophet."

But what I see happening right now... it's much bigger.

Some are even calling it, "The bubble to burst them all."

And that's why I've stepped forward in a way I never have before... to show you exactly what's coming... and how to stay on the right side of it.

Because if I'm right again – and I've put together all my proof for you – this may be your final chance to prepare.

Click here to see the full details while there's still time.

Regards,

Whitney Tilson
Editor, Stansberry's Investment Advisory

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This Month's Bonus Article

Tesla's Robotaxi Goes Unsupervised: Is the Rally Justified?

Submitted by Jeffrey Neal Johnson. Date Posted: 1/22/2026.

In Brief

• Unsupervised autonomous rides have officially begun in Texas as Tesla prepares for mass production of the Cybercab later this spring.
• A new insurance partnership validates the safety data of the self-driving software and opens the door for widespread commercial adoption.
• The energy storage division is achieving record growth and providing a stable financial foundation as the company transitions to robotics.

For years, the promise of self-driving cars has driven Tesla's (NASDAQ: TSLA) lofty stock valuation. That promise has shifted from a theoretical concept to a physical reality on public roads. On Thursday, Jan. 22, Tesla officially confirmed the launch of unsupervised Robotaxi rides in Austin, Texas.

This development marks a critical turning point for the company. Until now, autonomous testing required a human safety driver behind the wheel, ready to take control if the software failed. Removing that human safety net indicates Tesla's internal data finally meets the safety thresholds required for commercial operation.

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Investors have responded positively to the news. Tesla stock is trading near $448, pushing the company's market capitalization to about $1.43 trillion. While critics point to declining car sales, the market is pricing in a major shift in Tesla's business model. The company is no longer viewed solely as an automaker; it is rapidly becoming an artificial intelligence and robotics ecosystem. The launch in Austin provides the first tangible proof that this transition is on schedule.

Safety Drivers Step Aside: The Unsupervised Era Begins

The significance of the Austin launch should not be understated. In autonomous driving, the move to unsupervised operations is the ultimate technical and regulatory hurdle. It signals that the software can handle complex urban environments without human intervention.

For investors, this milestone validates the aggressive timeline set by CEO Elon Musk. The dedicated Cybercab Robotaxi is scheduled to enter limited production in April 2026. By deploying unsupervised vehicles now, Tesla is indicating the software stack will be ready when the dedicated hardware rolls off the assembly line this spring. That materially reduces the execution risk that has hovered over the stock for the past two years.

The Lemonade Deal: Insuring the Uninsurable

Alongside the technical achievement in Austin, a new financial partnership offers a different kind of validation. Lemonade Insurance (NYSE: LMND) has announced a specialized product for Tesla drivers using FSD (Full Self-Driving). The program offers discounted rates through direct integration with Tesla's driving data.

This is a bullish signal because it addresses a major risk factor: liability. One of the biggest questions around Robotaxis has been whether they are insurable. When a third-party insurer is willing to underwrite those risks and offer discounts, it implies the safety statistics support Tesla's claims. This external vote of confidence helps mitigate fears about regulatory roadblocks and clears a path for mass commercial adoption.

The $1.4 Trillion Question: Why Energy and AI Trump Auto Sales

Viewed strictly through traditional automotive metrics, Tesla's current stock price looks difficult to justify. The company delivered 1.63 million vehicles in 2025, an 8.6% decline from the previous year. Despite shrinking sales volume, the stock trades at a price-to-earnings ratio (P/E) of roughly 288x.

By contrast, traditional automakers typically trade at single-digit P/E ratios (often between 6x and 8x). Why is Tesla trading at nearly 300 times earnings?

The divergence exists because investors are no longer valuing Tesla mainly as a carmaker. They are valuing it as a high-growth technology platform. The market is paying a premium today for potential future earnings from a Robotaxi fleet. Tesla aims to operate these vehicles at an estimated cost of roughly $0.20 per mile. If successful, software-based revenue would carry significantly higher profit margins than hardware sales, helping justify the large multiple.

49% Growth: The Energy Division Steals the Show

While the AI future is promising, Tesla has a tangible growth engine operating now that supports its valuation: the Energy division. Even as car sales cooled, the energy storage business posted record numbers and is becoming a critical financial stabilizer for the company.

Key Energy data points for 2025 include:

• Q4 Record: Tesla deployed 14.2 gigawatt-hours (GWh) of energy storage in the fourth quarter alone.
• Annual Surge: Full-year deployments reached 46.7 GWh.
• Growth Rate: This represents a 49% increase over 2024.

As the automotive business faces cyclical pressure and price cuts, this high-growth division provides a revenue floor. It reassures investors that the company can continue funding its AI ambitions without rapidly depleting cash reserves.

Earnings Preview: Margins Matter More Than Revenue

While the long-term thesis is compelling, short-term volatility is likely. Tesla is set to report its fourth-quarter earnings on Wednesday, Jan. 28. Analysts are forecasting revenue of about $24.8 billion. However, investors should look past the headline revenue number.

The most critical metrics to watch next week are:

• Operating margins: In the third quarter of 2025, margins slumped to 5.8% due to vehicle price cuts and heavy spending on AI infrastructure. Investors will want to see whether the booming Energy division has helped stabilize profitability.
• Delivery guidance: Will Tesla forecast a return to vehicle sales growth in 2026?
• International FSD: There is growing speculation regulators in Europe and China could approve supervised FSD as early as February 2026. Confirmation of that timeline during the earnings call would be a major catalyst, opening two of the world's largest markets to Tesla's high-margin software subscriptions.

A New Chapter for Tesla Investors

Tesla today functions like two companies under one ticker: a maturing automaker facing demand headwinds, and a burgeoning robotics and AI business on the verge of commercial scale. The successful launch of unsupervised rides in Austin provides the proof-of-concept many investors wanted for the latter.

Next week's earnings may still reveal the financial scars of a tough year in autos, but the broader thesis remains: the transition to AI is advancing, the technology appears to be working, and the Energy division is growing fast enough to buy the company time. For investors, the premium valuation is a bet on execution — and as of today, Tesla appears to be executing.

 

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