My take: When will Tesla’s new initiatives make a significant difference on the stock price? Wall Street needs to see more “evidence” to include the new business in the models. I also think the rerates will happen in stages as Wall Street keeps expanding out the assessable market for each product like FSD or RoboTaxi. Some potential triggers: ♦️A) There is a Surprise like Nationwide RoboTaxi regulation or OEM leasing FSD or ♦️B) WS sees revenues that move the needle on new business lines. We are seeing partial rerates on base assumptions now for FSD take rates and Tesla energy, but only placeholders for Optimus and RoboTaxi. ♦️C) WS expands both the TAM and/or market share. Events like these will propel TSLA to a higher range where we don’t see TSLA return to today’s prices. IMO they are coming soon; just not yet. We also need supply constraints - like chips - solved.