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Core Viewpoint - Tesla is facing significant cash flow concerns as it continues to invest heavily in capital expenditures, particularly in AI and infrastructure, while also experiencing a potential decline in vehicle deliveries and profitability [1][3]. Group 1: Capital Expenditure - As of early this year, Tesla has invested approximately $44 billion in capital expenditures, with $10 billion spent in the previous fiscal year and an expected $8 billion for the current fiscal year [1]. - Major areas of investment include the construction of a factory in Mexico, modifications to the Cybertruck production line, and investments in AI technology [1][2]. - Despite high investments, Tesla's projected annual capital expenditures have been consistently revised downward, with expectations for 2025 now exceeding $10 billion, down from previous estimates of over $11 billion [2]. Group 2: AI Investments - AI is a key focus for Tesla, with an anticipated investment of around $10 billion in 2024, nearly half of which will be internal funding for the development of AI computing systems and the Dojo supercomputer [2]. - The Cortex computing center, used for training smart driving systems, currently has over 50,000 GPUs and is expected to surpass 100,000, positioning it among the top five supercomputing centers globally [2]. Group 3: Cash Flow Concerns - Wells Fargo has issued a warning regarding Tesla's deteriorating fundamentals, suggesting that the company's free cash flow may turn negative for the first time since 2018 [3]. - The forecast for Tesla's second-quarter vehicle deliveries is only 343,000 units, approximately 17% lower than consensus expectations, which could negatively impact profit margins [3]. - A decline in revenue from zero-emission vehicle credits, which Tesla sells to other manufacturers, may further strain profitability [3]. Group 4: Robotaxi Launch Challenges - Tesla planned to initiate a Robotaxi pilot program in Austin, Texas, with approximately 10 Model Y SUVs for road testing, but local legislators have requested a delay until September due to new legislation [4]. - The legislators argue that postponing the launch aligns with public safety interests and helps build trust in Tesla's operations [4]. Group 5: Future of Robotaxi - The release of Tesla's FSD (Full Self-Driving) V13.2 marks a significant advancement for the Robotaxi initiative, with V13.3 already undergoing internal testing [5]. - Initial phases of Robotaxi deployment will still require a safety operator in the vehicle, limiting immediate cost advantages [5]. - Predictions indicate that the cost per kilometer for Robotaxi services will continue to decrease, potentially matching and then undercutting traditional ride-hailing services by 2026 [5].