Tesla Isn't a Hyperscaler. Why the AI Bears Are Misreading Its $5 Billion Capex Cut.

Tesla needs computing power to train Full Self-Driving, run Cybercab, and build Optimus, not to rent capacity to corporate customers the way cloud giants do. Even after trimming spending, Tesla ended September with more than $45 billion in cash and investments, giving it room to fund its autonomous and robotics projects.