Core Viewpoint - Figure has made significant advancements in technology and financing after parting ways with OpenAI, achieving a post-financing valuation of $39 billion, the highest in the embodied intelligence sector to date [2][32]. Financing and Valuation - Figure has successfully raised over $1 billion in Series C financing, leading to a post-money valuation of $39 billion [2][32]. - The financing round was led by Parkway Venture Capital, with participation from notable investors including Nvidia, Brookfield Asset Management, and Qualcomm Ventures [4]. Strategic Focus Areas - The new funding will support Figure's development in three core areas [8]. - The first area is the large-scale penetration of humanoid robots into household and commercial scenarios, with plans to expand the production capacity of its BotQ manufacturing facility [9]. - The second area involves building next-generation GPU infrastructure to accelerate training and simulation for the Helix model [21]. - The third area focuses on launching advanced data collection projects to enhance the robot's understanding and operational capabilities in complex environments [21]. Technological Advancements - Figure has introduced the Helix architecture, a visual-language-action model that allows robots to perceive, understand, and act like humans [17]. - Helix consists of two systems that communicate and are trained end-to-end, enabling the robot to perform various tasks with a single unified model [18]. - The recent funding will further enhance the capabilities of Helix, which is designed to optimize the performance of embodied intelligent AI systems [20]. Company Background - Figure was founded in May 2022 by Brett Adcock, a serial entrepreneur [22]. - The company gained attention in the humanoid robotics sector after raising $675 million in Series B financing in February 2024, achieving a valuation of $2.6 billion at that time [22]. - Following a partnership with OpenAI, Figure decided to pursue vertical integration of its AI models, focusing on developing an end-to-end AI model tailored for specific robotic hardware [30][28].

Core Insights - The article discusses the debut of Figure's humanoid robot, which has learned to fold clothes using a neural network without any architectural changes, only by increasing the data input [1][21]. Group 1: Robot Capabilities - The humanoid robot demonstrated its ability to fold towels smoothly and efficiently, showcasing dexterous hand movements and real-time adjustments during the process [6][19]. - This task of folding clothes is considered one of the most challenging dexterous operations for humanoid robots due to the unpredictable nature of clothing [15][16]. - The robot operates in an end-to-end manner, processing visual and language inputs to execute precise motor controls [8][19]. Group 2: Helix Architecture - The Helix architecture is pivotal for the robot's performance, allowing it to autonomously fold clothes without modifying the model or training hyperparameters, relying solely on a new dataset [21][22]. - Helix consists of two systems that communicate with each other, enabling the robot to perform various tasks using a unified model and a single set of neural network weights [23]. - Key components of Helix include visual memory, state history, and force feedback, which enhance the robot's ability to perceive and interact with its environment effectively [24][28][29]. Group 3: Future Developments - Figure plans to enhance the robot's flexibility, speed, and generalization capabilities based on the expansion of real-world data [20]. - The company aims to continue improving the robot's performance in various tasks, building on the success of its current capabilities [20][23].

Investment Rating - The report initiates coverage with an "Add" rating for Tesla [5]. Core Views - Tesla is transitioning from an automotive manufacturer to an AI company, with significant investments in AI infrastructure, which is expected to reshape the automotive and transportation industries [7][8]. - The report highlights that Tesla's financial performance is under pressure due to declining automotive sales, but the company is leveraging its existing automotive business and energy storage to support its AI transformation [8][9]. - The new valuation logic for Tesla is based on breakthroughs in autonomous driving technology leading to new business models and cash flows, which will enhance its price-to-earnings (P/E) ratio [8][9]. Summary by Sections 1. Introduction - The significance of studying Tesla from both fundamental and investment perspectives is emphasized, noting its role in leading the electrification and intelligent transformation of the automotive industry [14][17]. 2. Transformation - Tesla is making a significant shift towards AI, with nearly 30% of its new capital expenditures (CapEx) directed towards AI infrastructure, while automotive production has not seen new capacity investments for eight consecutive quarters [8][40]. - The report discusses the divergence between Tesla's stock price and automotive delivery volumes since Q2 2024, indicating a shift in market perception away from viewing Tesla solely as a car manufacturer [8][54]. 3. Autonomous Driving/FSD/Robotaxi - The report outlines a new valuation logic for Tesla's autonomous driving business, suggesting that successful technology breakthroughs will lead to new business models and cash flows, ultimately enhancing the company's valuation [8][9]. 4. Automotive Sales & Energy Storage - Tesla's automotive and energy storage businesses are identified as cash cows that support its transformation into an AI company, with a focus on maximizing the potential of existing production lines [8][9]. 5. Robotics/Optimus Business - The report notes that Tesla's robotics business is still in its early stages and not fully valued by the market, but it is expected to contribute to long-term growth [8][9]. 6. Financial Forecast and Valuation - The financial projections for Tesla indicate expected revenues of $99.02 billion in 2025, with a net profit of $5.57 billion, reflecting a significant growth trajectory despite current challenges [5][8].