**[Tesla Shifts Focus to AI and Robotics Tracks, Q3 Spending Significantly Below Market Expectations]** According to a report by Jinse Finance, on October 22, Tesla's total capital expenditure for the third fiscal quarter reached $4.73 billion, far below Wall Street's consensus estimate of $7.95 billion. This funding was intended to support Tesla's strategic transition toward core business lines such as artificial intelligence, robotics, and autonomous driving. Currently, Tesla's entire business relies on just three vehicle models, while 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 Invest, stated that Robotaxi autonomous driving taxis represent Tesla's future core track. Compared to Waymo's next-generation models, Tesla's Cybercab has a significant operational cost advantage, positioning it as a leader in the industry. Notably, Tesla's adjusted earnings per share for the third quarter came in at $0.48, exceeding the market's average expectation of $0.44, with profitability outperforming expectations. "Lower capital expenditure is only a positive if it doesn't compromise future growth potential," said Harris Khurshid, Chief Investment Officer at Karobaar Capital. "Tesla's future valuation is highly tied to its Robotaxi and Optimus humanoid robot businesses. I need clarity on whether these investments are merely being shifted across quarters or if the progress of related businesses is significantly slower than anticipated."