🚨 Oppenheimer says Tesla is starting to look less like a car company and more like a full Physical AI platform. The firm reiterated its Perform rating, but highlighted Tesla’s push deeper into vertical integration, especially chips, compute, Cybercab manufacturing, and AI infrastructure. One of the biggest pieces? Semiconductors. Oppenheimer called Tesla’s move into chip manufacturing bold but important, arguing that the knowledge built through Dojo could help Tesla design and improve future chips across vehicles, autonomy, and robotics. They’re still cautious on Optimus, with more ramp delays possible, and said Dojo itself didn’t create a major compute advantage. So the message is pretty balanced: Tesla’s AI stack is getting broader and more vertically integrated, but execution still has to catch up with the vision. $TSLA