The next major $Tesla(TSLA.US) catalyst is removal of safety monitors in Robotaxis, which would signal an imminent scale up, and which Elon has targeted in Austin by year-end. Many argue this is already discounted in TSLA’s stock price; hence TSLA’s +47% surge over the past 6 months (vs NDX +12%, Mag 7 +22%). Year-to-date $Tesla(TSLA.US) continues to underperform (TSLA +15% vs NDX +21%, Mag 7 +24%) as FY’26 Adj eps ests have declined -46% due to TSLA’s loss in EV share. We remain cautious about TSLA’s extended valuation, now the highest in the S&P 500 at a 2026 P/E of 213x vs annual forward L/T earnings growth of +35% (6.1x PEG), despite clear evidence that TSLA and a handful of competitors are on the verge of achieving unsupervised autonomy.