Rowan Street Capital released its Q1 2026 investor letter, noting the Fund’s portfolio declined about 1$ from the first quarter, resulting in a net return of -21% for the second half of 2026. The firm emphasized patience and long-term business performance over short-term market enthusiasm. In its Q2 2026 investor letter, Rowan Street highlighted Tesla, Inc. (NASDAQ:TSLA), a global leader in electric vehicles and energy generation and storage systems that also invests in AI technologies and robotics. On July 31, 2026, Tesla closed at $311.21 per share, reflecting a market capitalization of $1.23 trillion. Tesla posted a one-month return of -25.86%, while its shares gained 0.63% over the past 52 weeks. Rowan Street stated that Tesla achieved record Q2 deliveries, exited the quarter with its largest order backlog since 2023, and noted production is increasingly constrained by supply rather than demand. Full Self-Driving (FSD) is becoming a primary driver of customer demand, with Musk remarking that customers are "buying Full Self-Driving with a car attached." Robotaxi operations expanded to seven U.S. markets, including Texas, Florida, and the San Francisco Bay Area, with autonomous miles driven increasing by more than 10% each week. Management said expansion pace is dictated by safety, and Optimus remains on track to begin production, with manufacturing likely to scale gradually.