$Tesla(TSLA.US) Has the market not realized that Tesla is the only one in embodied AI? They're still scaring themselves with that slight dip in vehicle deliveries, completely missing the point that Tesla stopped being just a car company long ago. Its energy storage business has set new gross profit records for five consecutive quarters, FSD subscriptions are doubling, and Robotaxi has even removed safety drivers in Austin—what is this if not a transformation? This is called changing lanes.

What you see as a $20 billion capital expenditure burn, they see as buying AI computing power, self-developed chips, and production lines for a million robots a year. The AI5 chip's computing power is eight times that of the previous generation, and its self-built wafer fab is aiming for a monthly output of a million units. This isn't scattering money around while driving; it's building a highway for the next five years.

The bears keep shouting about high valuation, but the problem is, at a stock price of around $400, it's only trading at a little over 30 times this year's expected earnings. Yet it holds FSD's data flywheel, the profit springboard of its energy business, and the soon-to-be-mass-produced Optimus. If you insist on using a cyclical stock ruler to measure a company that's feasting at two big tables—AI and robotics—you're holding the ruler upside down.