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Gary Black, managing partner, investor at The Future Fund, expects TSLA's second quarter deliveries, set to be reported on Thursday morning, to reach approximately 410,000 units, representing a 7 percent year-over-year increase.
He notes this would exceed Wall Street consensus of 406,000, attributing the strength in deliveries partly to a surge in gas prices during the quarter. Black points out that this would mark the company’s second consecutive quarter of over 5 percent year-over-year growth in deliveries, following prior declines of 9 percent in 2025 and 1 percent in 2024.
Black has previously commented on sector trends outside of Tesla. He noted that AVGO and MRVL shares rose as Wall Street focused on custom AI chip growth ahead of earnings. In another analysis, Black compared valuations, highlighting that investors were paying 150 times 2026 EV/EBITDA for SPCX versus 19 times for NVDA.