"The move higher in Tesla shares bore no relation whatsoever to the company's financial performance in the quarter," JPMorgan wrote.

Tesla missed Wall Street’s fourth-quarter earnings estimates despite being helped by a gain in the company’s bitcoin holdings. Shares rose anyway in late trading as nothing really changed in the outlook for self-driving cars and new EV models designed to boost growth.

Meta Platforms, Tesla and most other U.S. stocks are rising Thursday following a rush of profit reports from some of the country’s most influential companies.