Tesla第三季度营收280亿美元不及预期，但自由现金流为正；汽车营收尚未见顶，高油价下需求强劲，未来几个季度对比疲弱的去年同期应会表现不错。若在420附近与SpaceX合并，将低于历史高点500，限制上行空间。

Moving on to Tesla. The week started at 358. The company announced its earnings this week. Stocks are actually reacting well. There may be that hidden demand to support stocks.

We'll talk about that in a moment, but the company's third-quarter figures have been released. It was, I mean, very good. $28 billion. They missed expectations, but achieved positive free cash flow.

Well, we won't go into those details, but I think one thing is for sure about Tesla: its car revenues have now reached their ceiling, so to speak. That doesn't seem to be the case to me.

You've seen two quarters of very strong demand for their cars based on high gasoline prices , and I think some of the fully autonomous driving programs are also starting to gain more familiarity and comfort with people, which is a feature many people want in their cars.

They talked about it at length on the earnings call. They also have those " cybercab" vehicles, which haven't generated much revenue yet. Elon Musk says you'll start to notice it more in the second and third quarters, and towards the end of next year.

So, they are restricted here, and they have even talked about how if you try to order one of these Tesla cars, you won't get it for a while. Thus, you are limited here from the perspective of car revenues.

Now, in the coming quarters, things will look really good because the previous two quarters were rather weak from a sales perspective. We'll see how the stock reacts to that, but they have this potential deal with SpaceX to merge the two companies, and many believe that will happen before the end of President Trump's term, which I think would be wise if they intend to do so.

Tesla also announced its earnings . We discussed the possibility of an invisible demand supporting the stock. I mean , Elon Musk basically said, "Hey, if that's what it takes, I want it to happen.

It's not entirely up to me." That's kind of what he was saying. There may be unseen demand for the stock, but there is also likely a ceiling on its rise, because if you were thinking of buying Tesla stock, would you go and buy SpaceX stock instead?

It's hard to say. The offer of 420 is what was traded. I don't know if it is fair in terms of valuation , but the 420 level will be interesting. However, it will not be above the historic highs approaching 500 for Tesla, so there may be people who entered near the top who will oppose this merger.