$特斯拉(TSLA)$ 我觉得这篇文章对特斯拉的分析很有意义,以下文章转载于Dave Lee。 It's helpful to think of Tesla as 3 separate businesses: 1. Vehicles 2. Energy 3. AI Energy is doing great. 24.4% gross margins and it's super early in Tesla Energy's growth. This is something not many are talking about. Tesla also progressing very well with manufacturing their own 4680 cells. AI is doing fantastic. Tesla just took online a 10k GPU H100 cluster, doubling compute power quarter-over-quarter. And they are making the most ambitious effort toward solving real-world AI. Ultimately Tesla AI will be where most of TSLA's long-term value comes from via FSD/Robotaxi and Optimus. Tesla's vehicle business is going through some hiccups at the moment with shrinking margi