So, there's this guy named Gary Black who thinks Tesla is worth too much money. He says they need to show that their cool robot, Optimus, can actually do something useful before people will believe it's worth a lot. Right now, other companies like OpenAI and Figure AI are also making robots, so there's more competition. Gary Black wants Tesla to be more careful with their money and not overpay for these projects. Read from source...

- Black argues that an analyst needs a working product, a use case, and a TAM to forecast market share. However, he does not acknowledge the potential of Tesla's AI projects, such as Optimus, FSD, or other innovations that could create new markets or disrupt existing ones.
- Black claims his conservative approach is due to discipline, but it seems more like a generational gap and resistance to change. He dismisses the value of Tesla's intangible assets, such as brand loyalty, customer trust, and technology leadership.
- Black compares Tesla's valuation to traditional car companies, ignoring the fact that Tesla is not a conventional automaker, but a tech company that produces electric vehicles, solar panels, batteries, and AI solutions. He fails to account for the network effects, economies of scale, and ecosystem advantages that Tesla has over its competitors.
- Black admits that he does not understand the potential of Optimus or other humanoid robots, but he still tries to criticize Musk's vision and ambition. He underestimates the impact of robotics on various industries, such as manufacturing, healthcare, logistics, and entertainment.
- Black does not address the competition from OpenAI, Figure AI, Microsoft, or other players that are developing advanced AI models and humanoid robots. He seems unaware of the advancements in natural language processing, computer vision, reinforcement learning, and synthetic data that could challenge Tesla's dominance in the AI space.
- Black does not acknowledge the role of policy and regulation in shaping the future of AI and robotics. He ignores the ethical, social, and legal implications of deploying autonomous systems in various domains. He overlooks the potential risks and benefits of AI for humanity and the environment.