[Tesla turns to the AI ​​and robotics track, and third-quarter expenditures are significantly lower than market expectations.] On October 22, Tesla’s total capital expenditures in the third fiscal quarter reached US$4.73 billion, far lower than Wall Street’s consensus estimate of US$7.95 billion. This capital was originally a key investment to support Tesla's strategic transformation to core business lines such as artificial intelligence, robotics, and autonomous driving. Currently, Tesla's entire business is supported by only three models. At the same time, the company is advancing a potential merger with SpaceX. Both parties have established special committees to evaluate the transaction. Tasha Keeney, director of investment analysis at Ark Investment, said that Robotaxi self-driving taxis are Tesla’s core track in the future. Compared with Waymo’s next-generation models, Tesla’s Cybercab has a significant operating cost advantage and is in a leading position in the industry. It is worth noting that Tesla’s adjusted earnings per share in the third quarter of this quarter were 48 cents, exceeding the market’s average estimate of 44 cents, and its profit performance was better than expected. "Lower capital expenditures are only positive if they do not sacrifice future growth potential," said Harish Khurshid, chief investment officer of Karobaar Capital. "Tesla's future valuation is highly bound to the Robotaxi and Optimus humanoid robot businesses. I need to make it clear that these investments are just transferred between different quarters, or whether the implementation of related businesses is much slower than expected."