TSLA | Weekly | Haru Insights

Tesla confirmed the $16.8 billion Terafab semiconductor facility in Texas, a joint venture with Intel to produce custom AI chips for Optimus, Cybercabs, and SpaceX—marking a strategic pivot from automaker to semiconductor and AI infrastructure leader.
The U.S. Patent and Trademark Office blocked Tesla’s attempt to challenge IBM-derived patents via inter partes review, citing uncodified, subjective criteria—creating a legal bottleneck that threatens the timeline for Full Self-Driving (FSD) innovation and weakens Tesla’s patent defense posture.

Tesla’s Terafab semiconductor venture is a transformative leap toward technological self-sufficiency, positioning the company not just as a carmaker but as a key player in AI chip supply chains, with long-term implications for autonomy and robotics.
Megapack 3’s rising gross margins now outpace the automotive segment, signaling a structural shift toward higher profitability in energy storage, driven by robust utility-scale demand in Texas and global decarbonization trends.
Zoox’s regulatory green light for 2,500 robotaxis sets a precedent that validates the commercial path for autonomous ride-hailing, potentially accelerating Tesla’s own robotaxi ambitions and de-risking the broader industry.
The Terafab project’s Intel partnership brings critical fabrication expertise, significantly de-risking Tesla’s semiconductor ambitions and lending credibility to its vertical integration strategy.
Tesla’s energy storage segment is scaling faster than expected, with Megapack deployments accelerating in key markets, indicating strong demand and operational momentum beyond traditional vehicle sales.

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