JR Research Investing Group Leader

Summary

Time for me to upgrade Tesla back to a Buy. The thesis is getting well supported by its AI transformation and improved optimism over a potential SpaceX merger.

FSD adoption is accelerating quickly, with over 75% of new North American deliveries subscribing and FSD ARR possibly reaching $1 billion.

Energy storage and FSD/robotaxi are emerging as pivotal growth drivers, but automotive remains the primary revenue source for the next 12–24 months.

A merger with SpaceX could unlock significant AI and chip synergies, stabilizing TSLA shares despite a premium valuation. TSLA price action shows that dip buyers are still presently accumulating.

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