The institutional logic of a stock rally after an earnings beat assumes the beat addresses the market's primary concern. For Tesla in Q1 2026, it did not. The concern is forward-looking capital allocation — specifically, whether halting Model S and Model X production to prioritize Optimus reflects a company executing a genuine platform transition or one that has lost focus on its most reliable revenue engine. The stock's failure to recover answers that question directly: the market has priced the robotics bet as a risk, not a premium.