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$TSLA up 7.4% today, marking its best daily performance in 9 months. I attribute 20% of today’s move to the market (Nasdaq up 1.4%), along with a UBS upgrade earlier today. I believe 80% of the move is related to Elon’s nocturnal post on X announcing the tape out for Hardware 5 is complete. That’s an important update given in the world where cars are computers on wheels, a 5x improvement in chip performance helps unlock FSD and Robotaxi. As a point of reference, AI4 started to ramp in 2023, and my best guess is AI5 comes out in the middle of next year. Elon has not commented on timing.