● Musk Robot Empire, Homegrown Chip Coup

2025 Tesla Shareholders Meeting Key Results and AI, Robots, Chips Strategy Summary: Musk Compensation Plan Ratified, Robo-Taxi and Optimus Mass Production, Declaration of ‘Tesla Semiconductor’

This article includes Elon Musk’s 2025 performance compensation plan, which was approved with about 75% in favor, the target of launching mass production of the robo-taxi “Cybercap” next year with ultra-short tact time, and the roadmap for the humanoid “Optimus” in terms of pricing, production line, and timeline, as well as Tesla’s in-house AI5 chip and semiconductor (fab) plan.
It also consolidates key issues including FSD approval in Europe and China, clashes over shareholder rights and governance, and the acceleration of energy transition through Megapack and Megablock.
Details such as the “integer arithmetic specialized AI chip” that were barely mentioned in other YouTube videos or news, along with its impact on productivity and costs, are examined in depth in separate sections.
It reorganizes the links between artificial intelligence, semiconductors, electric vehicles, energy transition, and global economic trends so that they can be understood with practical insights.

News at a Glance: Voting Results and Immediate Facts

– CEO Performance Compensation Plan Reaffirmed: Elon Musk’s 2025 performance compensation plan was approved with about 75% in favor.
– Director Election: The re-election of three Class III directors was approved.
– Auditor Appointment: PwC was approved as the independent accounting firm for the 2025 fiscal year.
– Supermajority-Related: The motion to remove the “supermajority rule” was rejected.
– Shareholder Proposals (7–14): Numerous proposals, including XAI investment, shortening the incumbent directors’ term, and eliminating the 3% derivative lawsuit requirement, were discussed, with on-site sentiment leaning towards the board’s dissenting opinion.
– However, the final official tally for each proposal needs to be reconfirmed through the company’s official disclosure.

Product and Technology Roadmap: Autonomous Driving, Robo-Taxi, Humanoid, Battery, and Grid

– FSD 14.x Progress: The company emphasized that FSD driving is significantly safer than human driving.
– It was noted that with short-term updates, approval for “text and drive” is nearly achievable, conditional on statistical validation and regional regulatory approvals.
– Regional Regulations: In Europe, even supervised FSD is restricted, necessitating further persuasion of customers and regulators.
– China: The company mentioned that full FSD approval might be possible around February to March 2025, though this is a projection by management and subject to change.
– Robo-Taxi “Cybercap”: The target is to begin mass production in Texas next year.
– Its design is for a fully autonomous structure without panels or a steering wheel, aiming for a tact time of 10 seconds (with an ultimate goal of 5 seconds).
– If production proceeds as planned, annual volumes could reach millions of units, although initial ramp-up risks must be considered.
– Semi-Truck: The goal of commencing mass production in Nevada in 2026 was reconfirmed.
– Optimus (Humanoid): Pilot production in Fremont and the activation of the Gen3 line in 2026 were introduced.
– Price guidance was indicated to be around 20 million KRW (per company statement), with a long-term vision of scaling up production to millions or tens of millions of units.
– Success factors are summarized as overcoming three major challenges: precision in hand control, real-world AI, and mass production.
– Energy and Grid: The strategy involves integrating substation and transformer functions with Megapack/Megablock to expedite installation, and enhancing power usage through grid buffering without the need for new power plants.
– Superchargers: The global network of approximately 70,000 units is set to continue expanding.

AI Chips and Semiconductors: Optimization for ‘Integer Inference’ and Possibility of In-House Fab

– AI5 Chip Unveiled: Tesla’s dedicated inference chip aims to dramatically lower costs compared to NVIDIA’s Blackwell-level performance (by company estimate).
– The key is its design specialized for integer inference.
– It delivers higher inference performance per unit area and power, making it advantageous for on-device AI in robots and vehicles.
– Production Partners: Production will be distributed across multiple foundries, including TSMC (Taiwan/Arizona) and Samsung Electronics (South Korea).
– Supply Chain Risk Mitigation: The company acknowledged that external supply might be insufficient and publicly hinted at the possibility of “Tesla in-house semiconductor production (fab)” in the long term.
– While this choice carries significant CAPEX, process technology, and yield risks, it aligns with the strategy of vertical integration to control costs and performance metrics.

Raw Materials and Battery Chain: Enhancing Self-Reliance

– Texas (Corpus Christi) Lithium Refining Facility Operation: The mention emphasizes backup capabilities to sustain battery production amid geopolitical shocks.
– Internalizing cathode and electrode chains is a strategy to reduce costs and lead times for electric vehicles and energy storage devices.

Governance and Shareholder Proposal Issues

– XAI Investment Proposal: Arguments in favor were presented from the perspective of alignment within the Tesla-Musk ecosystem, though potential conflicts of interest and the need for oversight were noted.
– Executive Compensation KPIs: Calls were made to link performance indicators not only to short-term financial metrics but also to sustainability measures, while the company expressed caution, arguing that this could hinder performance and innovation.
– Child Labor Due Diligence: A proposal was raised demanding third-party verification and disclosure of key metrics for the battery raw material (especially cobalt) supply chain.
– 3% Derivative Lawsuit Requirement: A shareholder proposal to eliminate the 3% requirement based on Texas law was tabled, and the company raised concerns about the risk of frequent litigation.
– Annual Election of All Directors: Debates were heated between concerns over reduced management continuity and the need for immediate replacement of failed compensation policies.
– Supermajority Clause: The proposal to remove it was announced as not approved this time.
– Other issues, such as limits on resubmission and mandatory shareholder approval for bylaw changes, represent a conventional conflict between corporate agility and strengthening shareholder rights.
– The final official voting percentages and the effective date require confirmation through the company’s official disclosure.

Economic Implications: The Combination of Vertical Integration and Ultra-High Productivity

– Supply and Demand Structure: If robo-taxis and Optimus are successfully commercialized on a mass scale, the unit costs for mobility and labor could structurally decline.
– This can boost global economic productivity by driving certain service marginal costs close to zero and reigniting demand.
– Revenue Model Transformation: The value proposition shifts from hardware margins to software, fleet operations, and insurance.
– FSD and robotics software feature high fixed costs and low marginal costs, making economies of scale pivotal to profitability.
– CAPEX Cycle: Large-scale investments in semiconductors, batteries, robotics lines, and charging/grid infrastructure may lead to volatility in cash flow.
– Conversely, successful vertical integration enhances control over costs and risks.
– Regulation and Insurance: The shift from “text driving” to full autonomy and the evolution of robotic safety frameworks serve as moderating factors.
– Redefining insurance premiums and liability will change the revenue distribution in the electric vehicle and AI industries.
– Energy Transition: If Megapack/Megablock reduce the constraints of substation and transformer setups, volatility costs for renewable energy may decline and the peak-valley gap in electricity rates could be alleviated.
– This will simultaneously improve the cost structures for electric vehicle charging, data centers, and industrial loads.

Key Points Not Found Elsewhere Summarized

– Optimization for Integer Inference: Tesla’s AI5 chip, which is more efficient in terms of power and silicon usage compared to floating-point operations, is poised to improve battery life, reduce heat output, and lower costs for on-device AI in robots and vehicles.
– The Hands of the Humanoid Present Unique Challenges: The “hands” face high challenges in precision control, tactile sensing, and durability.
– When combined with mass production expertise, an almost insurmountable IP barrier is created.
– Megablock’s Integrated Substation: Packaging substation facilities to reduce the bottleneck of “waiting for power system connection” is an on-site innovation that could change deployment speed.
– In-House Semiconductor Fab Indication: This is a decisive move to overcome supply chain bottlenecks.
– If successful, it will control cost, performance, and schedule; however, initial yield or processing errors might conversely heighten risks.
– Hidden Variables in Insurance and Regulation: UX changes like “text driving” will only proliferate when supported by robust safety data.
– The detailed design of insurance premiums and liability will play a critical role in determining the pace of adoption.

Timeline Checklist

– First Half of 2025: Milestones include the start of Cybercap mass production, enhancements for FSD 14.x, and expanded regional approvals.
– February to March 2025 (Projected): Possible full FSD approval in China was mentioned, though it is not confirmed.
– 2026: Mass production of semi-trucks will commence in Nevada, and the Optimus Gen3 production line is targeted to start operations.
– Post-2026: Large-scale production or improvements of the AI5 chip (AI6) and an increase in robot production capacity are anticipated.
– 2027: The target timeline for the 4th generation of Optimus was stated.

Risks and Checkpoints

– Regulation and Ethics: Upgrades in autonomous driving levels, robotic safety frameworks, and consistency in data protection regulations.
– Supply Chain: The supply of foundries, lithium, electrode materials, high-precision reducers, and motors.
– CAPEX and Cash Flow: The early burden of establishing semiconductor and robotics production lines.
– Technological Uncertainty: The complexity of real-world scenarios for “hands” and real-world AI, as well as long-term inference stability.
– Governance: Balancing shareholder rights with corporate agility will be reflected in long-term valuation.

Implications for Industry and Investors

– The vertical “ultra-combination” model extending from electric vehicle manufacturing to artificial intelligence, robotics, semiconductors, and grid storage is materializing.
– If successful, simultaneous optimization of hardware, software, fleet operation, and energy will drastically reduce the total cost of ownership (TCO).
– It is a strategy aimed at boosting global economic productivity while accelerating the energy transition.
– In case of failure, capital efficiency and regulatory conflicts could impede growth momentum.
– Rather than immediate stock price predictions, continuously monitoring the roadmap’s implementation rate, regulatory approval speed, and the rate of cost reduction is most practical.

< Summary >

– Musk’s compensation plan has been reaffirmed, with the directors and auditor proposals approved, while the proposal to eliminate the supermajority clause was rejected.
– Next year’s milestones include the robo-taxi mass production target, FSD 14.x enhancements, Optimus Gen3 line in 2026, and semi-trucks in 2026.
– The AI5 chip optimized for integer inference has been unveiled, with distributed production by TSMC and Samsung, and a suggestion of establishing an in-house fab.
– Megapack and Megablock will accelerate the energy transition, along with the global expansion of Superchargers.
– Balancing shareholder rights with corporate agility will be a key variable in long-term valuation.

[Related Articles…]

• How Optimus Will Transform the Productivity Map of Domestic Manufacturing
• Industrial Impact of Tesla’s In-House Semiconductor Strategy

*Source: [ 오늘의 테슬라 뉴스 ]

– [오테뉴 LIVE] 2025 테슬라 주주 총회 결과 발표 ( 라이브 생방송 중계 )

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● Musk Payday Greenlit, Tesla Builds AI Chip Army, Robot Taxi Takeover

[Breaking News] 2025 Tesla Shareholders Meeting Key Summary: Musk Compensation Plan Passed, Cybercap & Optimus Roadmap, ‘Tesla In-house AI Chip Factory’ Declaration

This article covers ① the structure of Elon Musk’s new compensation plan linked to market capitalization and operating profit milestones, ② the production timeline for the robotaxi ‘Cybercap’ and the 5-second takt strategy, ③ the roadmap for large-scale production and total demand outlook for the humanoid ‘Optimus’, ④ Tesla’s entry into in-house AI chip production and its Integer-based architecture, ⑤ the progress in FSD regulations and service updates, ⑥ strategies for 4680, energy, and power grids, and ⑦ various financial points including production, cash, and insurance.

In particular, it interprets aspects overlooked by other channels, such as “the economics of Tesla vehicles transitioning to a distributed inference network” and “the valuation re-rating induced by chip and power bottlenecks.”

It also examines how global economic uncertainty, easing inflation, interest rate trajectories, and the premium granted to tech-led stocks in the equity market are being redefined.

1) Summary of Voting Results: Risk Elimination and a New Era

Musk’s new compensation plan was approved with approximately 75% in favor.

Independent of the Delaware ruling, proposals that guarantee past compensation fulfillment were approved, structurally reducing the CEO’s risk.

Key internal matters such as board composition, audit, and supermajority were also approved as originally proposed.

The key point is that the “risk of Musk’s departure” has been eliminated, reducing one factor that discounted long-term investors’ valuations.

2) Structure of Musk’s Compensation Plan: A Dual Lock of Market Cap and Operating Milestones

The plan consists of 12 stages, each requiring simultaneous achievement of a market cap milestone and an operating milestone before compensation is granted.

From the first stage, high thresholds are required, including a market cap of $2 trillion and an operating profit of approximately $50 billion in the latest quarter.

The final stage lists operating profit targets around $400 billion, incorporating both EPS leverage and multiple expansion.

While short-term stock price predictions are meaningless, the point is that it structurally enforces an “earnings-centric” forward drive through incentives.

3) Robotaxi ‘Cybercap’: Targeting a 5-Second Takt with an Electronics-type Production Approach

The Cybercap is an autonomous vehicle without pedals or a steering wheel, aiming to begin production in April next year.

It initially targets a takt time of 10 seconds, ultimately aiming for 5 seconds, which dramatically improves the efficiency of ‘production volume/space/labor’ compared to existing automotive lines.

Simply converting existing lines could exponentially increase annual production units, significantly diluting fixed costs per unit and expanding margins.

From a stock market perspective, when combined with an increased share of software revenues, it is favorable for maintaining a premium multiple even during phases of easing inflation.

4) Optimus: Confronting Three Major Challenges of Manual Labor, Real-world Issues, and Mass Production

Optimus v2.5 was unveiled, and v3 shows significant jumps in design and performance, though detailed disclosures were limited due to imitation risks.

The initial mass production line will begin in Fremont, with enhancements planned under the ‘Gentry’ production system in 2026.

In the long term, demand is assumed to approach the level of “one humanoid per person,” premised on a dramatic boost in productivity in healthcare, manufacturing, logistics, and services.

It is presented as a pillar of the Fourth Industrial Revolution capable of expanding the global economic total more than tenfold, necessitating simultaneous expansion in energy and power infrastructure.

5) AI Chip Strategy: Integer-Based Architecture, AI5→AI6, and an In-house Chip Factory

Tesla’s chips for inference/autonomous driving optimize for Integer computations over floating point to maximize performance relative to power consumption.

AI5 targets performance at 1/10 the power and cost compared to peers, with a roadmap promising a twofold performance upgrade to AI6 within a year.

While collaborating with TSMC and Samsung, Tesla states that “chips and power will be the future bottlenecks” and announces its entry into building an in-house mega chip factory.

This is akin to battery vertical integration, aiming to remove compute supply chain volatility and support the expansion of the robotaxi, Optimus, and vehicular inference network.

6) FSD Status and Regulatory Momentum

In version 14.x, driving quality has soared, and updates are planned to relax restrictions on texts and calls in supervised FSD segments.

Timelines for regulatory approvals in China and Europe were presented, alongside a roadmap for expanding service regions.

The transition from “2–4 times safer than humans” to “over 10 times safer” was emphasized as a turning point along with the chip generation upgrade.

7) Energy, 4680, Power Grids: The Hidden EPS Booster

The 4680 cell is continuously being improved, with the challenges of scaling up a dry process for mass production being frankly acknowledged.

The application of 4680 is being expanded to both Semis and Cybercap, rebalancing cost and performance.

The Megapack has been simplified to operate without a substation, enhancing installation speed and project IRR.

Bridging the peak/off-peak gap in the power grid with an energy storage system can nearly double the “effective power usage” without new generation.

8) Production, Finances, Insurance: Execution in Numbers

There is an expressed intention to increase automobile production by 50% by 2026, with scenarios for 4 to 5 million units in the future.

Tesla currently holds approximately $40 billion in cash and is accelerating nationwide expansion of Tesla Insurance based on autonomous driving data.

The Cybercap revenue model targets both operating income and combined margins of vehicle and software.

In the post-interest rate peak phase, the synergy of cash, facilities, and data assets is increasingly likely to translate into EPS leverage.

9) Tesla Vehicles = Distributed Inference Data Centers

Vehicles become “dual-revenue assets” by operating as robotaxis while serving as inference nodes during idle periods.

With batteries, power, and cooling already integrated, the total cost of ownership (TCO) for edge inference networks is drastically reduced.

This structure, which lowers inference CAPEX/OPEX compared to the cloud, supports both new revenue streams and a premium multiple.

10) Risk Checklist

There are risks regarding the speed of regulatory approvals and delays in regional service expansion.

Expansion of robotaxi and Optimus may face supply constraints until chip and power bottlenecks are alleviated.

The initial investment burden and yield risks during the transition to an in-house chip factory need to be monitored.

During phases of economic slowdown and varying interest rate trajectories, increased stock market volatility is inevitable.

11) Investment Perspective: Tesla’s Position Amid Global Economy, Interest Rates, and Inflation

When easing inflation and a cycle of policy rate cuts occur, companies with a combination of earnings leverage and structural growth stories will be re-premiumed.

Tesla is one of the few cases that vertically integrates hardware, software, energy, and AI chips, making it highly aligned with the tech-led framing in the stock market.

Even during a slowdown in global economic growth, assets with clear productivity innovations tend to be relatively robust in terms of multiple defenses.

The key is to manage positions by validating the three checkpoints of chips, power, and regulations against timelines and data.

12) The “Real Core” Highlighted by Other Channels

As a distributed inference network, vehicles internalize cloud-like AI CAPEX into Tesla’s assets, thereby boosting margins.

An integer-centric architecture signifies a paradigm shift from “FLOPS competition” to an era of “inference performance per watt.”

The declaration of building an in-house semiconductor factory to solve chip and power bottlenecks is a signal of vertical chain re-rating, similar to past battery vertical integration.

The electronics-type production achieving a 5-second takt changes the accounting, process, and inventory turnover logic of the automotive industry, significantly reducing sensitivity to EPS and cash flow.

On the power grid front, the design of energy storage systems that operate without substations is a “game changer” that can accelerate project financing and permit approval speeds.

13) Checkpoint Calendar

Robotaxi Cybercap: Announcement of production start in April next year and confirmation of initial deployment cities.

FSD 14.x: Scope of relaxed restrictions on texts and calls and updates on safety metrics.

Optimus: Initial line capacity at Fremont and timeline for the 2026 Gentry line.

AI Chip: Mass production of AI5, design of AI6, foundry contracts, and announcement of in-house chip factory site.

Energy: First order and COD case for the Megapack “substation-free” project.

Practical Summary: Portfolio Guidelines

Retain long-term core positions and adopt a segmented buying strategy around chip/power/regulation events for volatility.

In phases of improved cash flows, monitor the pace of upward revisions in FCF and EPS for momentum.

Note that the binary risk is not regulatory but rather “supply constraints (chip/power).”

< Summary >

The elimination of leadership risk through Musk’s compensation plan has been achieved.

The 5-second takt for Cybercap and mass production of Optimus redefine unit economics and EPS.

The declaration of an integer-based AI5/AI6 and an in-house chip factory marks the beginning of vertical integration that breaks through the chip and power bottlenecks.

The improved cash generation through FSD 14.x quality, regulatory momentum, and simplified energy business boosts cash flows.

Amid slowing global economic growth and declining interest rates, Tesla’s combination of structural growth and productivity innovation has significant room for premium revaluation.

[Related Articles…]

The Economics of Robotaxis: How a 5-Second Takt Creates EPS Leverage

The Era of Integer-Based AI Chips and Distributed Inference Networks

*Source: [ 허니잼의 테슬라와 일론 ]

– 테슬라, 2025 주주총회 라이브 방송 / 테슬라는 바로 이 주총 이후 ‘역사상 가장 가치 있는 회사’로 거듭나게 됩니다.

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● AI Bailout Hysteria, Memory Supercycle, Tesla’s Robot Coup

SanDisk Earnings Explosion and Tesla·OpenAI Variables: A Comprehensive Overview of the Semiconductor Rally Extension, Macro Risks, and ByTheDeep Strategy—The Real Key to Today’s Market

This article covers how the memory earnings surprise might drive the semiconductor-led rally, how OpenAI’s federal guarantee issue could change AI capital costs, the leverage of Tesla’s compensation package reapproval and Optimus on the company’s valuation, what the surge in layoffs signals for interest rates, inflation, and the stock market, and why Barclays’ “ByTheDeep” strategy remains effective.
It specifically summarizes the ripple effects of “government-guaranteed AI infrastructure financing,” which is rarely mentioned elsewhere, and the structural changes in market valuations driven by the “energy=money” frame.

Today’s Key Market Briefing (News Summary)

• The US stock market closed lower, with small caps also weak, and expanding macro uncertainties subdued investor sentiment.
• October US layoff announcements are estimated to be the highest since 2003, showing a significant increase from the previous month.
• OpenAI has mentioned exploring a “federal loan guarantee” option for expanding AI computing, and government officials have confirmed a cautious and negative stance.
• Tesla shareholders completed the reapproval of a super-large compensation package, and Musk described Optimus as a “money copying machine,” emphasizing long-term holding.
• Western Digital (SanDisk) delivered better-than-expected earnings, triggering an after-hours surge and strengthening signals of an improving memory market.
• Barclays reaffirmed that the “ByTheDeep” strategy remains valid during recent correction ranges.

Macro Check: The Signal of a Surge in Layoffs for Interest Rates, Inflation, and the Stock Market

• The surge in layoffs indicates a slowdown in labor demand, which may reduce wage pressure.
• A softening of inflation pressure could limit the upper end of long-term interest rates and be relatively favorable for growth stocks and semiconductors.
• However, in the short term, the “signal of an economic slowdown” may increase the risk premium on risky assets and trigger volatility.
• In summary, amidst the offsetting effects of economic slowdown vs. easing inflation, “bad news could eventually lead to a favorable interest rate environment.”

OpenAI Federal Guarantee Issue: The Hidden Inflection Point for AI Capital Costs and Valuations

• Issue: Attaching a “federal loan guarantee” to large-scale AI infrastructure (foundries, data centers, power) could structurally reduce capital costs.
• If this track is realized, the speed and scale of AI infrastructure investments could exceed current levels and extend the cycle period.
• Although the government remains cautious, the very discussion sends the message to the market that “AI is effectively a strategic industry.”
• Investment interpretation: If the guarantee is realized, there is a greater possibility of long-term multi-valuation re-rating in memory, accelerators, power infrastructure, and networking.
• Conversely, even if the guarantee falls through, privately held, private equity, and sovereign wealth funds already have capital on standby, so it is likely that only the pace will be adjusted and the direction of “AI capital expenditures” will be maintained.

Tesla Update: Compensation Package, Optimus, and the Possibility of Collaboration with Intel

• The reapproval of the compensation package is interpreted as a show of shareholder trust betting on the “Musk Drive.”
• Key points from Musk’s comments:
• Confidence in the economics of Optimus, with the potential to realign productivity and labor cost structures in the long term.
• Viewing energy as a monetary unit could lead to the revaluation of the power infrastructure and battery values.
• Indications of potential collaboration with Intel have stimulated expectations for diversification in AI chips and foundries.
• Mentions of China’s FSD roadmap and next-generation AI chips have enhanced the visibility of the autonomous driving/robot roadmap.
• Investment perspective: The evolving premium narrative of software, robotics, and energy is strengthening as the core value driver of Tesla, beyond just automotive sales.

Acceleration in the Memory Cycle: Western Digital (SanDisk) Earnings and DRAM/NAND Prices

• Earnings highlights: A phase where normalized inventories, ASP recovery, and yield improvements are simultaneously reflected, leading to rapid margin improvement.
• The spot price increase for DRAM/NAND remains unbroken, with AI server demand (HBM, high-capacity DDR, high-performance SSD) leading the turnaround in the market.
• While HBM expansion remains limited, the extent of price improvements in general DRAM and NAND is increasing.
• Domestic beneficiaries: Companies with a high proportion of high-end memory portfolios (e.g., HBM/DDR5 leaders) and those within the controller/SSD ecosystem are likely to see accompanying benefits.
• Checkpoints:
• AI capital expenditure guidance for 2025 from client companies (hyper-scalers).
• The mismatch between the speed of wafer input/capacity expansion and demand elasticity.
• The timing of resolving HBM bottlenecks and changes in the adoption mix of server OEMs.

Strategic Note: Barclays’ ‘ByTheDeep’ Remains as Relevant as Ever

• Recent repeating ranges in the S&P 500 corrections, where the drawdowns have remained within narrow limits, have maintained expectations for a segmented buying strategy during downturns.
• Application guide (for example):
• In times of expanding short-term macro risks, a staged approach (first and second allocations) to semiconductors, AI infrastructure, and quality growth stocks.
• During periods of heightened volatility, maintain core exposure via index/sector ETFs, and selectively choose individual stocks with confirmed earnings/guidance.
• Risk management: If the increase in layoffs translates into a slowdown in the real economy, downward revisions in earnings estimates could follow, so it is necessary to increase the proportion of sectors with confirmed earnings momentum and manage exposure to interest rate-sensitive sectors.

Key Points Covered Only in This Article (Insights Not Included by Other Media)

• If government-guaranteed AI infrastructure financing is realized, the capital costs for AI companies across the board could structurally decline, institutionalizing valuation premiums.
• Musk’s “money=energy (watt)” frame is a long-term keyword that could trigger a multi-valuation re-assessment of companies in robotics, autonomous driving, power, batteries, and grid sectors.
• The memory market is entering a second phase where the rally is spreading not only limited to HBM but also to general DRAM and NAND.
• As the increase in layoffs relieves wage pressures, the combination of easing inflation and stabilized interest rates could protect the multiples of growth stocks.
• Even if the guarantee issue with OpenAI does not materialize immediately, the narrative that “AI = strategic industry” is reinforced, suggesting that the period of digital infrastructure investments may be extended.

Checklist & Positioning

• This week’s checkpoints:
• Reexamine US job and inflation indicators to gauge the direction of interest rates.
• Look for comments on AI demand leverage in memory/server chain earnings calls.
• Follow-up news flow on Tesla’s roadmap updates (robotics/autonomous driving/chips/energy).
• Positioning hint:
• Core: Semiconductors, memory (especially DRAM/HBM/SSD), power infrastructure, and quality growth stocks.
• Swing: AI data centers/cloud, networking, and cooling/power equipment.
• Hedge: Adjust exposure to defensive sectors or use index put options during short-term volatility phases.

< Summary >

• The surge in layoffs presents signals of both easing inflation (stabilizing interest rates) and economic slowdown risks.
• The OpenAI federal guarantee issue is a potential inflection point for AI infrastructure capital costs, though caution currently prevails.
• Tesla has reinforced its long-term premium narrative with the reapproval of its compensation package and its shift toward robotics, AI, and energy.
• SanDisk’s earnings surprise at Western Digital has raised expectations for a second phase rally in the memory sector.
• Barclays has reaffirmed that the segmented buying strategy during corrections remains effective, with the core focus on semiconductors, AI infrastructure, and quality growth stocks.

[Related Articles…]

• Government-Guaranteed AI Infrastructure Financing Scenario: A Paradigm Shift in Capital Costs and Valuations
• The Core of the Memory Supercycle: The Inflection Point of HBM and NAND Expansion

Additional Note: This document is not investment advice, and during periods of high market volatility, it is recommended to make decisions in accordance with individual risk management principles.
This article systematically organizes the latest trends centered on keywords such as economic growth, interest rates, inflation, the stock market, and semiconductors.

*Source: [ Maeil Business Newspaper ]

– [홍장원의 불앤베어] 샌디스크 실적 폭발, 반도체는 더 간다! 머스크 “옵티머스는 돈복사 기계. 테슬라를 보유하라” 바클레이즈 “바이더딥 전략 여전히 유효”

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