风险提示及免责条款 特斯拉将停产Model S和X，将生产线转至制造人形机器人Optimus。 市场有风险，投资需谨慎。本文不构成个人投资建议，也未考虑到个别用户特殊的投资目标、财务状况或需要。用户应考虑本文中的任何 意见、观点或结论是否符合其特定状况。据此投资，责任自负。 ...

Core Viewpoint - Tesla, Inc. reported its most recent earnings results, beating estimates but showing weak performance in absolute terms [1] Financial Performance - The earnings results indicate that while Tesla exceeded analyst expectations, the overall results were not strong [1]

Core Insights - Tesla is discontinuing production of the Model S sedan and Model X SUV, with final versions to be produced next quarter [1] - The company will repurpose the factory space in Fremont, California, to manufacture Optimus robots instead [1] - CEO Elon Musk emphasized the shift towards autonomy as a reason for ending the Model S and X programs, encouraging potential buyers to place orders soon [1] Company Overview - The Model S was launched in 2012 and is credited with making electric vehicles widely appealing [1] - The Model X was Tesla's second major electric vehicle program [1] - Sales of both the Model S and Model X have stagnated in recent years, despite updates to their interiors and exteriors [1]

Group 1 - Tesla is investing $2 billion to purchase preferred shares of Elon Musk's AI company XAI, indicating a strategic alignment between Tesla and XAI to leverage AI advancements for Tesla's physical products [1][4] - The focus of Tesla is shifting towards becoming a physical AI company, with humanoid robotics and autonomous driving as key areas of development, overshadowing its traditional EV sales and energy storage business [2][3] - Despite concerns from shareholders regarding XAI's significant cash burn, Tesla has proceeded with the investment, reflecting confidence in the long-term potential of AI integration [3][4] Group 2 - Tesla's fourth-quarter profits showed growth in Full Self-Driving (FSD) subscriptions, reaching 1.1 million active subscriptions, which is expected to contribute positively to future profits through software sales [5][6] - In 2025, Tesla experienced its first annual revenue decline, despite offsetting drops in consumer EV deliveries through other revenue streams, highlighting challenges in maintaining growth [6][7] - Elon Musk is still required to meet a target of delivering 20 million EVs to consumers by 2030 to qualify for a potential $1 trillion compensation, necessitating an average of 500,000 deliveries per year [7]

Group 1 - Tesla is ending production of its Model S and X vehicles [1] - The Fremont, California factory will be repurposed to manufacture Optimus humanoid robots [1]

Tesla, Inc. (NASDAQ:TSLA) disclosed in its fourth-quarter earnings release that it will invest approximately $2 billion into CEO Elon Musk's artificial intelligence startup, xAI.TSLA stock is climbing. See the chart and details here. The Investment DetailsTesla is participating in xAI's Series E funding round, which recently raised a total of $20 billion and values the AI firm at a staggering $230 billion. While Tesla's contribution accounts for 10% of this specific funding round, it equates to less than a ...

Q4 and FY 2025 Update 1 Highlights 03 Financial Summary 04 Operational Summary 06 Manufacturing & Hardware 08 Supporting Infrastructure 09 AI & Software 10 Services 11 Other Updates 12 Outlook 13 Photos & Charts 14 Key Metrics 24 Financial Statements 27 Additional Information 34 (1) Excludes SBC (stock-based compensation) & Digital assets gains and losses, net of tax; (2) Free cash flow = operating cash flow less capex; (3) Includes cash, cash equivalents and investments; (4)Active driver supervision requir ...

特斯拉公布第四季度收入为249亿美元，2025财年收入为948亿美元，较上年下降3%。每股收益为0.50 美元，高于分析师预期的0.45美元。特斯拉公布净利润为8.4亿美元，较上年同期下降61%。当季自由现 金流为14亿美元，下降30%，因特斯拉在机器人和人工智能(AI)领域投入巨资进行研发。这一数字好于 分析师对于当季自由现金流为负值的平均预期。特斯拉股价在盘后交易中上涨超过3%。 ...

Market Overview - Stocks closed flat after the Fed's decision, with the Dow up 12 points or 0.03% [1] - The NASDAQ closed up 17 basis points, while the S&P 500 slid into the red, avoiding a record closing high [2] - The Russell 2000 closed down about 0.5% after an initial green start [2] Sector Performance - Technology and energy sectors outperformed, both up approximately 0.7% [3] - Consumer staples and real estate sectors led the decline, each down about 1% [3] - Healthcare sector also saw a decline of about 0.75% [4] Company Earnings Meta - Meta reported Q4 EPS of $8.88, with topline revenue of $59.89 billion, exceeding consensus of $58.42 billion [9] - Q4 ad revenue was $58.14 billion, surpassing the expected $56.79 billion [9] - For Q1, Meta forecasts revenue between $53.5 billion to $56.5 billion, above the street estimate of $51.27 billion [9] - Meta's capex for 2026 is projected between $115 billion to $135 billion, higher than the street's estimate of $110.6 billion [10] - Initial market reaction saw Meta's stock down nearly 3% despite strong revenue growth [10] - Analysts remain bullish, with over 90% rating it a buy, citing industry-leading revenue growth and scale advantages [11] Microsoft - Microsoft reported Q2 earnings that beat expectations, but shares fell 6% due to unclear reasons [20] - The company met expectations for its commercial cloud business, but personal computing revenues were in line, leading to a pullback [20] - Microsoft has remaining performance obligations above $600 billion, indicating future revenue [22] - Concerns exist regarding Microsoft's role in AI and its impact on the software business [28][30] Tesla - Tesla's Q4 EPS was $0.50, beating the consensus of $0.45 [22] - Q4 revenue was $24.90 billion, slightly below the estimate of $25.11 billion [22] - Gross margins were reported at 20.1%, exceeding the expected 17.1% [23] - Tesla's free cash flow was $1.42 billion, below the street's estimate of $1.59 billion [23] - The company is focusing on humanoid robots, projecting significant profit potential in the future [24][25] Investment Insights - Meta's long-term growth strategy is supported by its significant investments in AI and infrastructure, with a focus on revenue growth over short-term earnings [42] - Analysts suggest that Meta's current valuation at 18 times forward earnings is attractive given its growth prospects [42] - Microsoft faces challenges in maintaining its software business amidst rising AI competition, but its core products remain essential for data storage and access [30] - Tesla's future profitability is expected to be driven more by its robotics division than its electric vehicle sales, indicating a shift in its business model [25]

I want to go to this line from your notes, because this really encapsulates the entire conversation on Tesla. As I see it, investor sentiment appears driven more by long term narrative than by near-term fundamentals. You can certainly see that playing out in the stock price, in the valuations.But you take a look at the near-term fundamentals, as we were just discussing with Ed, adjusted earnings per share came in at $0.50% in the latest quarter. That is higher than analyst estimates. What do you make of som ...