Optec International, Inc.(OPTI.US)

$Tesla(TSLA.US) increasingly trades on AI, which makes up 60%+ of its valuation, with car sales now a sideshow—this is the core driver of its ~$1.5tn market cap. Even if 2025 full-year deliveries are only 1.64mn units (-8.6% YoY), marking a second straight annual decline, the stock still rocketed, peaking near $500.The logic is straightforward. The market no longer values it as a traditional automaker, but as an AI story.Based on Dolphin Research's prior estimates, under a base case Tesla's $1.3tn target mkt cap would see FSD, Robotaxi and Optimus contribute $776.4bn (60%). Hardware such as auto sales and energy storage would account for the remaining 40%. Under a bull case, Robotaxi alone could be worth $0.9–1.0tn, far exceeding the current valuation of the auto biz.FSD, via subscriptions, becomes a SaaS cash cow, with paid users reaching approx. 58mn by 2035 under the base case. Robotaxi could reshape mobility, and Optimus targets labor substitution; these AI avenues offer far more upside than car manufacturing. In 2026, Cybercab mass production should accelerate scaled Robotaxi ops. With Optimus approaching mass production, the AI valuation anchor would be reinforced further.Today, Tesla is selling the outlook for autonomy and Optimus. If Optimus or Robotaxi progress beats (e.g., regulatory approvals, order momentum and ramp), the market's anchor should shift faster from 'traditional autos' to 'AI growth', pushing the stock toward the bull-case level ($602).

US Sep. Payroll to Due Tonight, Property “Rumors” Spark Rally | Daily News Recap

1120 | Dolphin Research Focus: 🐬 Macro/Industry 1. The U.S. September non-farm payrolls are set to be released tonight. This is the first monthly employment report issued by the U.S. Bureau of Labor Statistics since the release of August data in September, filling the gap in official employment data caused by the previous government shutdown. The market generally expects an increase of 54,000 in non-farm payrolls for September, with the unemployment rate remaining at 4.3%. However, this data is significantly lagging, and the U.S. Bureau of Labor Statistics has clearly stated that it will not release the October non-farm report. 2. According to foreign media reports, "China is considering introducing new real estate stimulus policies," leading to intraday fluctuations in real estate stocks today...

Shopify (Minutes): Optimistic about the enterprise market + AI development in e-commerce

The following is the FY25Q3 earnings call minutes of $Shopify (SHOP.US) organized by Dolphin Research. For earnings interpretation, please refer to "Shopify: Is Imperfection Unacceptable, the Original Sin of High Valuation?" 1. Review of Core Financial Information 1. Third-quarter stock-based compensation expense was $116 million, and capital expenditure was $6 million. Free cash flow for the third quarter reached $507 million, accounting for 18% of total revenue. The free cash flow profit margin for the first nine months of this year remained the same as the same period last year, at 16%; this quarter's transaction and loan losses accounted for approximately 5% of revenue...

Tesla (3Q25 Minutes): The release and mass production of Optimus 3 have been delayed to 2026.

The following are the minutes of the FY25Q3 earnings call for $Tesla(TSLA.US) organized by Dolphin Research. For earnings interpretation, please refer to "Tesla: Relying on the Stars and the Sea, It's Time to Pay for Faith Again." Summary of Tesla Minutes: 1. Automotive Business: Existing capacity will reach an annualized production rate of 3 million units within 24 months (possibly sooner), with the core increment coming from the Cybercab model, which will be launched in the second quarter of 2026. This model is optimized for full autonomous driving, with no steering wheel or pedals, focusing on minimizing operational costs. On the demand side, no additional stimulus is needed...