Tesla(US:TSLA) 券商中国·2025-11-05 15:02Core Viewpoint - Tesla's AI5 chip is expected to be sampled in 2026 and mass-produced in 2027, with significant performance improvements over existing models [2][4][5]. Chip Development - The AI5 chip will be manufactured by TSMC and Samsung, with different versions produced to ensure consistent performance across platforms [4]. - The AI5 chip is designed to achieve 2000 to 2500 TOPS, which is five times the performance of the current HW4 chip, supporting more complex FSD algorithms [4]. - The AI6 chip is planned to double the performance of the AI5 and is expected to be mass-produced by mid-2028 [5]. Market Reaction - Tesla's stock price fell over 5% on November 4, reducing its market capitalization to approximately $1.48 trillion (about 10.5 trillion RMB) [6]. - The decline in stock price was influenced by concerns over Elon Musk's compensation plan, which is facing opposition from major shareholders like the Norwegian sovereign wealth fund [6]. Strategic Implications - The AI5 and subsequent chips are intended to support Tesla's autonomous driving and robotics projects, including the FSD system and Dojo supercomputing platform [5]. - The potential rejection of Musk's compensation plan could lead to a significant drop in Tesla's stock price and raise concerns about the company's strategic direction and talent retention [6].