Core Insights - Morgan Stanley highlights a "photon race" emerging as companies shift focus towards physical/embodied AI and robotics, emphasizing the strategic value of visual data for AI training [1] - Tesla is rated "Overweight" with a target price of $410, as it transitions to a "pure vision" training approach for its Optimus robot, moving away from motion capture and VR [2][3] Group 1: Visual Data Importance - Visual data is identified as the most scarce and strategically valuable resource for training visual-language-action models (VLA) [1] - The analogy of a 600-pound bluefin tuna illustrates that without the means to capture visual data, its value is zero; however, if captured and processed, its value can be immense [1] Group 2: Tesla's Strategic Shift - Tesla's shift to using videos of workers performing tasks as training data marks a significant adjustment in its training paradigm, highlighting the central role of visual data in robot behavior imitation and generalization [3] - The expectation is that visual data will not only be used for model training but also for creating "robot training gyms" to simulate billions of scenarios in a digital environment [3] Group 3: Competitive Landscape - Companies like Tesla, Meta, and Figure AI are pursuing different strategies for data collection, competing for leadership in the "photon race" across various domains, including vehicles and smart glasses [3]