This wave of TSL is really interesting. Q3 revenue hit a record $28.1B, exceeding expectations, but the profit metrics were disappointing—earnings per share of 0.50 was below the expected 0.55, and the gross margin also fell short.

What's more heartbreaking is that former AI head Karpathy suddenly spoke up: Don't trust Tesla's fully autonomous driving too much. Although there has been progress, it is still far from true full autonomy. Ironically, Waymo abandoned in-car monitors as early as 2020, while Tesla's recently launched Robotaxi in Texas still requires a human.

Now the market treats TSL as an AI + robotics company, with a market value of 15 trillion all betting on autonomous driving and Optimus. But the profit model for this thing is still very vague. Musk's 1 trillion compensation plan has many milestones that are just paper promises.

Risk in one sentence: TSL has transformed from an automotive company into a tech stock, but its ability to deliver on technology is questionable. There is considerable downside potential under high valuations.