$Tesla(TSLA.US) (-1%) has significantly underperformed the S&P 500 (+12%) and NDX (+16%) this year despite clear evidence that it and a handful of competitors are close to achieving unsupervised autonomy. The major catalyst for TSLA is now removal of safety monitors in Robotaxis, which would signal an imminent scale up, and which Elon has targeted in Austin by year-end. We remain cautious about TSLA’s extended valuation (2026 P/E 180x) vs annual L/T earnings growth of +35%.
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