Ed Ludlow

Shares now down around 2%.

Actually, at one point in the session, we were up 2%, and then as low as down 4%, the company's fourth quarter earnings topped estimates.

Everyone looked past them.

Tasha Keeney, ARK Invest Director of Research, Autonomous Technology, Robotics, joins us now.

The kind of big headline for me was the capital expenditures commitment, $20 billion this year.

You know full well it's way beyond what they might do in a typical year.

So let's start with that.

You know, it's clearly a signal that these things that Elon Musk has kept you guys looking to the horizon on for some time, now it's on paper.

It's time to act.

Yes.

Well, you know, I think the capital expenditures are not too surprising to us.

We had fairly aggressive investment estimations in our public valuation model.

But that's all to say, you know, I think the next five years for Tesla will be dominated by the Robotaxi story.

You know, we've previously published we think this could be attributable to over 90 percent of the enterprise value for the company.

in that time period.

And, you know, in order to put many vehicles on the road, which is their plan, they need to invest.

Of course, a lot of that money is going into factories, AI infrastructure build out.

So, you know, I think that the story here is that Tesla, while they were, you know, second or behind Waymo in terms of a commercial launch for a robotaxi platform,

They have an incredible scale that is really not matched by anyone in terms of the public announcements that they've made of putting actual vehicles on the road.

Right.