审校：汪皓 在财富Plus，网友们对这篇文章发表了许多有深度和思想的观点。一起来看看吧。也欢迎你加入我们，谈谈你的想法。今日其他热议话题： 查看《第二波"TikTok难民"来了》的精彩观点 1月 28日收盘后公布的特斯拉（Tesla）第四季度业绩，以及随后财报电话会上描绘的愿景，不知为何让埃隆·马斯克收获了相当不错的评 价。华尔街分析师普遍称赞这份成绩单"超出预期"，而投资者似乎也没有过度失望，次日开盘股价仅小幅走低。 马斯克有点像一位可以 自编自评的剧作家：即便剧本拙劣，他仍能撰写出花团锦簇的剧评，足以让观众忘记自己刚刚忍受了一场多么混乱的演出。 具体而言， 这家电动汽车厂商的首席执行官承诺大举转向无人驾驶出租车Cybercab和自主机器人，并将带领特斯拉实现"建设一个富足非凡的世 界"的使命，成功转移了公众和资金对财务数据的关注。但如果深入剖析，实际数据的糟糕程度令人震惊。特斯拉公布的GAAP（通用会 计准则）净利润为37.9亿美元，较2023年150亿美元的峰值暴跌75%。究其原因，在过去两年中，电动汽车业务营收下滑16%，与此同 时，整体运营支出却增长了44%。这抵消了电池业务和充电站等服务业务的强劲 ...

Core Viewpoint - Tesla's shareholders approved Elon Musk's unprecedented ten-year compensation plan, which could yield approximately $1 trillion in stock if all performance targets are met, marking a significant gamble for both Tesla's future and the broader tech industry [1][2][10]. Group 1: Compensation Plan Details - The approved compensation plan is valued at $1 trillion, a staggering increase from the previous $55 billion plan in 2018, representing a nearly 20-fold increase [2]. - 75% of Tesla shareholders voted in favor of the plan, reflecting a strong belief in Musk's leadership, similar to the 73% support for the previous plan [2]. - Musk's current net worth exceeds $500 billion, and this new compensation could nearly double his existing wealth, highlighting the scale of the gamble [2]. Group 2: Reasons Behind the Plan - The primary reason for the high compensation is to retain Musk, as the board believes his leadership is crucial for Tesla's survival and growth [3]. - The board emphasized that without Musk, Tesla would not exist in its current form, indicating the high stakes involved in the decision [3]. - Tesla is transitioning from an electric vehicle manufacturer to a major player in AI and robotics, with Musk seen as the key figure to lead this transformation [3]. Group 3: Performance Targets - Musk must achieve 12 sets of escalating performance targets over the next ten years to unlock the $1 trillion in stock [4]. - The market capitalization target requires Tesla's value to increase from approximately $1.5 trillion to $8.5 trillion, a more than fivefold increase [4]. - Operational goals include delivering 20 million vehicles, launching 1 million fully autonomous "robotaxis," and achieving an adjusted EBITDA of $400 billion, among others [5]. Group 4: Governance Concerns - The compensation plan has sparked controversy, with concerns about shareholder dilution and over-reliance on Musk as a single leader [6]. - Critics argue that the plan could dilute existing shareholders' equity by approximately 12% if all stock awards are granted [6]. - There are worries that tying the company's future too closely to one individual could undermine corporate governance and stability [6]. Group 5: Current Challenges - Tesla faces significant challenges, including declining sales and increased competition in the electric vehicle market, which could jeopardize the ambitious compensation plan [7]. - Musk's political controversies have negatively impacted Tesla's brand perception, with consumer interest dropping from 70% in 2021 to 46% currently [7]. - The company is also grappling with technical issues related to its Autopilot system, which has led to safety investigations [7]. Group 6: Future Vision - Despite the challenges, shareholders' approval of the compensation plan reflects a bet on the future of AI and robotics, with Musk envisioning a shift from car sales to a "mobility as a service" model [8][10]. - Musk predicts that Tesla's robotics business will surpass its automotive business in value, aiming to dominate the market with at least 1 billion robots in various sectors within the next decade [9]. - The plan is seen as a bold move in the context of historical corporate gambles, with the potential to reshape the transportation ecosystem and human-robot interaction [10].

Core Insights - Tesla is reallocating engineers from its internal chip and supercomputer projects to focus on other initiatives, including autonomous driving and humanoid robots [1] - The decision to terminate the Dojo AI project was made by CEO Elon Musk, who aims to retain top talent by integrating Dojo team members into other critical projects [1] - The software development staff from Dojo now reports to Ashok Elluswamy, who oversees Tesla's AI work in autonomous taxis and humanoid robots, while semiconductor engineers report to Aaron Rodgers, who leads the development of Tesla's autonomous driving systems and AI5 chip [1] Project Developments - The Dojo firmware team has been reassigned to the safety engineering department led by Silvio Brugada [1] - Despite the majority of Dojo employees being integrated into other departments, former Dojo head Ganesh Venkataramanan has hired at least 20 senior engineers to establish DensityAI after leaving Tesla [1] - Musk stated that it is unreasonable for Tesla to spread resources across two different AI chip designs, emphasizing the use of AI5 and AI6 for training its fully autonomous driving and driving systems [1] Future Applications - The AI5 and AI6 chips are expected to be utilized in Tesla's Cybercab autonomous taxi, the next-generation Roadster electric sports car, and the Optimus robot [2]

9 月 24 日以来，至少 276 名 A 股公司股东宣布减持计划。 自 9 月 24 日金融政策发布以来，至少 276 名 A 股公司股东在 9 个交易日内公布了减持计划，日均 30 位左右。其中，10 月 9 日单日 67 名股东公告减持。而在 8 月 1 日至 9 月 23 日的 35 个交易日 内，共有 700 名股东宣布减持。目前，上证指数自 9 月 24 日以来涨 17%，从高点回撤 13.24%。 此外，Wind 数据统计显示，下周（10 月 14 日-10 月 18 日）共有 60 家公司限售股陆续解禁，按 10 月 11 日收盘价计算，解禁总市值为 425.85 亿元。 中金因思尔芯 IPO 保荐被证监会立案调查。 中金公司（601995.SH）收到中国证监会《立案告知书》，因 "涉嫌思尔芯首次公开发行股票保荐 业务未勤勉尽责" 被立案。中金回应目前公司 "经营情况正常"，会积极配合证监会。集成电路 EDA 供应商思尔芯 2021 年 8 月在科创板递交 IPO 申请、由中金保荐，今年 2 月证监会对思尔芯 "欺诈发行" 作出行政处罚，是新《证券法》实施以来查办的首例欺诈发行案件。 摩根大通 ...