By Jordan Fitzgerald, Bloomberg After hearing Tesla Inc.’s seemingly countless promises about artificial intelligence, autonomous driving and robotics, Wall Street wants the company to start putting its money where its mouth is. Elon Musk’s electric-vehicle maker has spent just $2.5 billion of the $25 billion in 2026 capital expenditures it forecast in April. The slow pace raises questions about whether Tesla’s spending enough to deliver the progress that AI-hungry investors are eager to see. RELATED: Tesla’s robotaxi falls short with long waits and stalled rides “It’s a capital-intensive industry,” said Jay Van Sciver, partner and managing director at Hedgeye Risk Management. “There’s no way they can actually get from A to B spending less.” This puts the company on a completely different trajectory than most other tech giants, whose stocks are being punished when their AI spending is considered too profligate. For Tesla, on the other hand, an uptick in capital expenditures in its earnings report Wednesday afternoon and a higher outlook for AI outlays from management would likely give the shares a boost by signaling that the firm’s product development is moving in the right direction. “For a growth stock, capex is the best indication you have of future growth,” said HSBC analyst Mike Tyndall, who has a sell rating on the stock. “If you’re not spending the money, then you’re not going to get the growth.” Capex is a “credibility check” for companies like Tesla that sell long-term visions, according to Haris Khurshid, chief investment officer at Karobaar Capital, which owns Tesla stock through derivatives. But the reality is Musk’s track record is littered with missed deadlines and abandoned projects. Investors know this, which is why they want to start seeing signs of tangible progress. “I’m less focused on any single number but rather seeing if the overall