It is reported that $Tesla(TSLA.US) FSD has started road testing in China, and Shanghai has issued road test licenses. In this slow year for car manufacturing, Tesla's stock price rise is basically entirely dependent on the FSD narrative + improvements in macro discount factors. Recently, both factors have shown significant improvement: a. The resolution of Elon Musk's compensation incentives basically means Tesla's AI story may soon take off again; the implementation of the FSD narrative in China will also be a clear positive for Tesla, though Dolphin Research suspects the current pricing of FSD may be difficult to popularize in China. B. Macro-wise, the continued decline in risk-free interest rates will also benefit companies like Tesla, whose valuation largely depends on future potential. However, given Tesla's weak fundamentals in car manufacturing this year, chasing the stock when it exceeds $200 carries significant risks. When betting on the AI growth story, investors should be cautious about the risks.