What if Tesla's most important product isn't a car? It sounds like a ridiculous question because Tesla is still, very obviously, a car company.
Millions of people know it for the Model 3, Model Y and Cybertruck, not for some mysterious robot wandering around a factory.
But look at what Tesla is actually building.
There is a sports car that has taken years to arrive. There is a taxi designed without a steering wheel or pedals. There is a growing Robotaxi operation.
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There is a humanoid robot called Optimus. And underneath all of it is an enormous investment in AI, computing infrastructure, data centers and chips.
Tesla says its capital expenditures are expected to exceed $25 billion, with AI infrastructure and related investments among the major drivers. The company spent about $8.3 billion on capital expenditures in the first half of the year, more than twice the amount spent during the comparable period.
That is not a side project.
It is a company betting that the future of Tesla may have very little to do with selling one more electric car.
And honestly, that is where Tesla gets fun.
The individual stories sound almost ridiculous. Put them together, though, and they start to look like one enormous plan.