Over the past year, on the day after Tesla unveils its latest quarterly report, this writer has calculated a metric I call the “ Musk Magic” Premium. Put simply, the figure demonstrates how much of the EV pioneer’s valuation is explained by its current performance, and what portion rests on investors’ bet that Musk will deliver super-big on sundry promised innovations, from robotaxis to humanoid robots— areas where money-making versions haven’t materialized, and keep getting delayed.

I calculated the metric once again following Tesla’s report for Q3 , issued after the market close on Wednesday October 22. The company reported record sales for the quarter. But its terrible profit numbers stand in glaring contract to the recent moonshot for the stock, which has doubled the manufacture

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