$Tesla(TSLA.US)

Context:

TSLA is one of those positions where I feel the story keeps changing faster than the stock itself.

Recently, Tesla’s European registrations have started to show some recovery, which is encouraging after a weaker period for the auto business. At the same time, the company is committing more capital to AI, autonomy and robotics, including a new $30B credit facility to support those ambitions.

My Trade:

I’m still holding because my view of Tesla is no longer based only on vehicle deliveries.

I still care about the car business because it funds the company and shows whether the core operation is healthy. But what keeps me interested over the longer term is whether Tesla can turn autonomy, AI and robotics into real businesses rather than just future expectations.

That also means I have to accept that the stock can react sharply to delivery numbers, product delays or headlines even when my longer-term thesis hasn’t changed.

Takeaway:

TSLA keeps reminding me that conviction is not the same as certainty.

I don’t need every quarter to confirm the full long-term story, but I do need to see continued evidence that the company is moving toward it.