During Tesla 's ( TSLA -3.39%) fourth-quarter earnings call last week, Elon Musk got investors amped after the entrepreneur spoke at length about the company's AI roadmap and how it's betting big on humanoid robotics.

Key Takeaways Elon Musk and other Tesla executives on Wednesday discussed self-driving software and the Optimus robot, among other topics. The call followed a disappointing quarterly report, with revenue and adjusted profits falling short of estimates.

In many ways, these have been tough days for Tesla. Falling sales. Squeezed profit margins. Proposed changes in US government policy that could cost the company billions.

Investors are looking for evidence Musk’s politics are hurting Tesla. It’s hard to find, but California might be turning against Musk—slowly.