** Tesla TSLA.O shares declining 0.2% on Weds ahead of qtrly results due after the bell, with investors focused on vehicle demand trends and AI capex spending

** CEO Elon Musk has pivoted focus from making cars to self-driving taxis and humanoid robots. Spending on AI infrastructure, including data centers, and manufacturing capacity is projected to climb to $25 bln this year, outstripping qtrly cash generated by TSLA's core automotive and energy operations

** The electric vehicle maker is expected to report qtrly rev up 14% to $25.71 bln and adj EPS of $0.51, vs $0.40 a yr ago, per LSEG

** Co posted record Q2 deliveries in early July, fueled by a rebound in Europe, but analysts remain cautious on US demand following expiration of EV tax credits

** Stock has fallen ~16% YTD, underperforming the Nasdaq's .IXIC ~11% rise

** TSLA remains down ~23% from its record high close on Dec. 15, 2025

** Stock recently traded at 161 times expected earnings, well above its five-year avg forward PE of 99 - LSEG

** Avg rating of 55 analysts is 'hold', with 24 'buy' or 'strong buy' ratings, 24 'hold' and seven 'sell' recommendations