Ed Ludlow

safety monitor from those vehicles that are in Austin, Texas for RoboTaxi.

Waymo, by comparison, has many hundreds, more than that, on public roads, charging a fare, no human in operation.

The thing is that your last guest alluded to this.

Tim, you were pressing him on why he had the conviction in this thesis.

But for lots of people, it's the idea that

Elon Musk makes many projections and gives many timelines.

And even though he misses those dates, he often gets there in the end.

And I suspect that I've said that sentence to you verbatim many hundreds of times before.

Yeah, I mean, you know, I don't want to speak on his behalf, but Steve's point is echoed by many that either are bullish or bearish on Tesla.

They've put this in the shareholder deck.

It's in writing the explanation of what they plan to do, plus some timeline in it, plus the impact to top and bottom line that, you know, it's in there.

But Steve wrote in his January 12th research without putting him on the spot that 26 is the year that Tesla pivots to physical AI.

For many people, that is something that started in 2025.

But there is still an element with Tesla, right?

The stock's up less than 3% in after hours.

Elon Musk will likely say something on the call that will move the needle.

And it's about, you know, whether investors do or don't believe him.

The one little teaser that I will leave with you is there's a line on the deck that talks about deeper vertical integration.

And, you know, Donna Holt, you know, messaged me right away saying, did you see that?

What do you think that means?