Cramer: Tesla Can't Trade on Hopes Forever Without Proving Out Robotaxi and Optimus

Jim Cramer argued that Tesla's stock, trading at a 327x trailing P/E on a 4% profit margin with 2025 revenue down ~3% YoY and vehicle deliveries down 9%, cannot sustain its valuation unless robotaxi scaling and Optimus commercialization move from theoretical to tangible, noting prediction markets assign only 12.5% odds to a California robotaxi launch by June 2026 and 23% odds to an Optimus release by end of 2026.