Cakmak: AI is going to be even more profound than most expect

Alphabet (Google) Analysis - Cloud business estimates project a 26% year-over-year growth [1] - Ad business estimates project around 7% growth [1] - Qualitative commentary around AI efforts is critical for Google's search business reacceleration [2] - The key question for Google is the future of its search business and the impact of AI [2] - AI investments are considered justified and the pace of capex spending is a key factor for the semi-industry [4] Tesla Analysis - Q2 deliveries are down 14% [5] - Volatility has increased and will continue to increase, requiring shorter duration outlooks for many tech names, but Tesla requires a longer-term horizon [6] - The optionality around robotics and robo-taxi is a key investment driver [7] - Results and their interpretation are expected to be polarized, with bulls focusing on optionality and bears on declining short-term estimates [8]