@tesla8771: The company's $20 billion in investments in 2026 is an affirmation of Elon Musk's vision for the company and significantly changes the investment proposition. Tesla's (TSLA +3.47%) recent investor update marks a definitive break from how investors might perceive the company. Looking at Tesla as a car company and waving disparagingly at its valuation (Tesla trades on more than 200 times Wall Street earnings estimates for 2026) compared to its peers isn't a valid argument anymore. That's not to say investors should ignore the valuation, but rather put it in the context of the investment proposition for the stock. That, too, has changed, and Tesla is fundamentally a riskier company right now.