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More on capex from the $TSLA call. Capex is for scaling factors: TeraFab, Solar manufacturing, Optimus, Cybercab, Semi. Elon says it’s a capital efficiency vs. time tradeoff question. It’s ok to be less capital efficient in the near term if they get stuff done faster because that will deliver a higher NPV later. My take: Elon's all in on capex, as long as it’s not “wasteful.” I expect 2027 to be $25B vs. Street at $21B