Short Thesis
- Tesla is signaling deeper vertical integration: New in-house chips (AI5 nearly done, AI6 underway) plus a restarted Dojo 3 effort point to a more self-reliant autonomy stack.
- Nvidia is pushing for platform dominance beyond Tesla: "Alpamayo" positions Nvidia to power autonomy across multiple OEMs, even if Tesla stays closed-loop.
- Market reaction reflects a valuation split: TSLA barely moved ($437.52, -0.24%) despite bold roadmap talk and a rich 209.93x forward P/E, while NVDA sold off ($180.01, -3.76%) with heavy volume and a far lower 24.22x forward P/E.
