Europe’s EV market saw a clear turning point in 2025, as Volkswagen overtook Tesla for the first time in regional sales of fully electric cars. Tesla had dominated the continent’s EV segment for four years, but that run came to an end in 2025. That marks another blow for the U.S. automaker after China’s BYD (BYDDY) overtook Tesla as the world’s leading EV maker.Shares of TSLA stock have fallen more than 5% on a year-to-date (YTD) basis. Optimism around the company’s robotaxi service fueled gains in TSLA sto ...

大摩认为，这份规划并非特斯拉对地面光伏市场的简单布局，而是锚定地缘政治下的能源供应链安全， 以及马斯克太空数据中心的长期战略目标，同时与特斯拉现有的储能业务形成深度协同。 研报指出，这一光伏布局有望为特斯拉能源业务带来250-500亿美元的股权价值增量，折合每股6-14美 元，推动能源业务估值提升35%，成为特斯拉多元化发展的又一重要筹码。 01 一边与中国光伏企业谈着合作并审厂，一边在美国本土选址打算建厂。马斯克野心勃勃的太空光伏计 划，究竟是什么样的？ 近日，摩根士丹利发布一份研究报告，针对特斯拉宣布规划建设100GW垂直整合光伏制造产能的动 作，展开深度测算与分析。 供应链安全+太空数据中心需求 大摩分析，特斯拉此次大手笔布局光伏产能，背后有两大核心逻辑支撑，二者共同指向其长期的能源与 太空战略布局，而非短期的市场扩张。 其一，地缘政治下的能源供应链自主需求。当前全球光伏制造产能的75%以上集中在中国及东南亚地 区，美国本土光伏供应链则呈现明显的结构性失衡：晶锭、硅片、电池等上游核心环节产能不足 10GW，仅模块组装环节有65GW产能，而美国公用事业级光伏的年需求达30-40GW。 马斯克在特斯拉四季度 ...

分组1 - Baron Partners Fund achieved a return of 19.07% in Q4 2025, significantly outperforming the Russell Midcap Growth Index (-3.70%) and the Russell 3000 Index (2.40%) [1] - For the calendar year 2025, the Fund returned 24.86%, compared to 8.66% for the Russell Midcap Growth Index and 17.15% for the Russell 3000 Index [1] - The Fund focuses on long-term investments in a non-diversified portfolio of well-managed growth businesses at attractive prices across various market caps [1] 分组2 - Tesla, Inc. (NASDAQ:TSLA) was highlighted in the Fund's Q4 2025 investor letter, with a market capitalization of $1.596 trillion [2] - Tesla's stock closed at $425.21 per share on February 10, 2026, with a one-month return of -3.19% and a twelve-month return of 26.36% [2] 分组3 - The Fund exited 30.5% of its position in Tesla in 2025, maintaining confidence in the company's future value [3] - Tesla's position in the Fund increased to 26.7% of total investments by the end of 2025, with an average purchase cost of $14.22 per share [3] - The decision to reduce the position was a portfolio construction strategy rather than a lack of confidence in Tesla's business [3]

Group 1: Management Philosophy - Musk's management style is characterized by a sense of urgency and a high pain threshold, focusing on addressing acute pain rather than chronic bottlenecks in organizations [4][6][7] - He emphasizes "constraint analysis" to identify and eliminate inefficiencies, directly engaging with engineers to resolve issues without lengthy presentations [7][8] Group 2: AI and Human Intelligence - Musk predicts that within five years, AI intelligence will surpass the total human intelligence, potentially reducing human intelligence's share in the universe to less than 1% [8][10] - He argues that AI will not eliminate humanity but may find value in human irrationality and creativity, which are rare variables in the universe [10][11] Group 3: US-China Manufacturing Competition - Musk expresses a high regard for Chinese manufacturing capabilities, warning that without breakthrough innovations, the US risks losing dominance in the industrial chain [12][14] - He notes that China's electricity output is three times that of the US, indicating a significant gap in industrial capacity and manufacturing scale [14][15] - Musk highlights the US's loss of foundational smelting capabilities, relying on China for processing rare earth materials [15][16] Group 4: AI Infrastructure Challenges - Musk identifies a "hardware wall" for AI development, primarily due to limitations in electricity supply and the slow expansion of ground power plants [21][22] - He proposes a "space AI data center" plan to overcome these challenges, leveraging the efficiency of solar energy in space, which can be five times more effective than on Earth [23][25] Group 5: xAI and Digital Human Simulation - Musk outlines xAI's strategy focusing on Digital Human Simulation, aiming to create AI that can operate like a human by the end of 2026 [26][28] - He plans to bypass complex API integrations by enabling AI to learn to interact directly with screens and software [29] Group 6: Robotics and Recursive Manufacturing - The development of the Optimus humanoid robot is seen as a transformative force in labor dynamics, with a focus on creating dexterous hands for complex tasks [31][32] - Musk envisions a recursive manufacturing model where robots produce other robots, leading to exponential increases in productivity [33][34] Group 7: Future Outlook - Musk's vision intertwines various technological advancements, suggesting that the future will be shaped by the convergence of rocket capabilities, chip performance, robotic labor, and space energy [35]

特斯拉（Tesla）半挂卡车在加利福尼亚州莫德斯托的菲多利（Frito-Lay）薯片工厂充电。图片来源：TNS 埃隆·马斯克（Elon Musk）这款拖延已久的"猛兽"终于投产，可联邦政府对电动车的支持正在减弱，电价上涨也让他宣称的"比柴油车更省 钱"变得站不住脚。 在上一次特斯拉（Tesla）财报电话会上，埃隆·马斯克大谈这家电动车制造商要转型为人工智能和人形机器人强企。他提到即将推出的Cybercab——一款 他声称将不配备方向盘和踏板的双门电动车（前提是监管机构批准），还提到公司将停产Model X跨界车和Model S轿车，而后者正是当年让特斯拉一举成 名的车型。 他补充说，DHL也同样在使用沃尔沃（Volvo）、纳威司达（Navistar）等公司的电动卡车，每辆售价约40万美元，"这个价格后续会下降——我认为特斯 拉的价格降幅会尤其明显。" 对DHL以及百事（PepsiCo）等早期客户而言，购买这些卡车是企业降低碳排放和尾气排放整体战略的一部分。百事已在加州车队中运营至少86辆特斯拉 Semi，属于早期限量生产批次。DHL的目标是到2030年将车队中30%的车辆转为电动，"我们不会动摇这一目标，"蒙 ...

Coming into Wednesday trading, Tesla stock had run off three consecutive gains, moving shares up 7%. ...

A long call butterfly is entered when a trader thinks a stock will not rise or fall by much between trade initiation and expiration. When using calls, the trade is constructed by buying an in-the-money call, selling two at-the-money calls and buying an out-of-the-money call. The trade is entered for a net debit meaning the trader pays to enter the trade. This debit is also the maximum possible loss. The maximum profit is calculated as the difference between the short and long calls less the premium that ...

Group 1 - The European Commission has imposed additional duties on imported electric vehicles from China starting in 2024, but allows carmakers to negotiate tariff exemptions for specific models [1] - Volkswagen's Cupra brand received approval for its Tavascan SUV coupe to be exempt from import tariffs in exchange for a minimum price and annual quota model [1][8] - Chinese automakers are seeking similar tariff exemption deals for their electric vehicle models intended for the European market [2] Group 2 - The EU has reduced proposed final tariffs on China-made Tesla cars and slightly adjusted rates for other manufacturers following submissions during its anti-subsidy investigation [2] - The additional tariffs are in addition to the EU's standard 10% import duty on cars [2] - Specific countervailing duties have been set for various Chinese automakers, with rates such as 18.8% for Geely Group and 17% for BYD Auto [3][4]

微软(MSFT.US)位列第三，持仓约5136万股，持仓市值约248.39亿美元，占投资组合比例为3.06%，较 上季度持仓数量减少5.86%。 来源：智通财经网 根据美国证券交易委员会(SEC)披露，高盛(GS.US)递交了截至2025年12月31日的第四季度持仓报告 (13F)。 据统计，高盛第四季度持仓总市值为8100亿美元，上一季度总市值为8200亿美元，环比下降约1.22%。 在第四季度的持仓组合中，高盛新增671只个股，增持3027只个股，清仓了555只个股。其中，前十大持 仓标的占总市值的22.11%。 | 2025-12-31 P | | | --- | --- | | 13F Activity | | | Market Value | $0.81t, Prior: $0.82t | | Inflows (Outflows) as % of Total MV | (-2.4403)% | | New Purchases | 671 stocks | | Added To | 3027 stocks | | Sold out of | 555 stocks | | Reduced holding ...

Back in December, I crunched some numbers and predicted that Elon Musk would be forced to admit that his flagship company, Tesla (NASDAQ: TSLA), was already unprofitable in fourth-quarter 2025. The evidence seemed compelling, and the math looked bleak. As everyone now knows, of course, I was dead wrong. Will AI create the world's first trillionaire? Our team just released a report on the one little-known company, called an "Indispensable Monopoly" providing the critical technology Nvidia and Intel both n ...