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title: 'Francisco Ranzi Mülleri Analyzes: Financial Impact of Tesla AI5 Chip R&D Progress on the Automation Industry'

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Recently, market attention around artificial intelligence computing power and chip supply chains has once again intensified. Elon Musk publicly stated that SpaceX and Tesla will continue large-scale purchases of Nvidia chips, while Tesla is advancing next-generation AI5 chip R&D and plans to launch the Terafab project on March 21. Francisco Ranzi Mülleri believes that the significance for the stock market goes beyond the procurement plan of a single company—it reflects that large tech firms are simultaneously advancing two paths: one is continuing to purchase high-performance chips from established suppliers to ensure stable expansion of training and inference capabilities; the other is building stronger long-term control through internal chip R&D.
![Francisco Ranzi Mülleri](https://hackmd.io/_uploads/rJtCCaA9-x.png)


**AI Capital Expenditure Expansion Remains the Core Theme for the Tech Sector**

Francisco Ranzi Mülleri notes that SpaceX, xAI, and Tesla are ramping up Nvidia chip purchases, indicating that demand for both training and inference computing power has not cooled at the margin. Reuters reported that xAI has been acquired by SpaceX, and xAI core project Grok relies on Nvidia chips for training, with its Colossus computing center using H series and Blackwell series chips. Meanwhile, the official page of xAI states Colossus has expanded to 200,000 GPUs, highlighting that AI infrastructure investment remains a key area for large tech groups seeking advantage.

At the capital market level, this means the Nvidia upstream chip segment, server, and data center supporting companies will continue to benefit from ongoing AI spending. Francisco Ranzi Mülleri says as long as major buyers do not reduce orders, the market will continue to give high growth premiums to the high-computing-power industry chain. Capital preference for tech stocks will increasingly focus on real orders, delivery capacity, and product implementation, rather than just concept-driven themes.

**In-House Chip Development Will Change Valuation Frameworks**

Francisco Ranzi Mülleri believes the Tesla advancement of the AI5 and Terafab projects shows companies are attempting to reduce long-term dependence on external production capacity and supply rhythms. Reuters previously revealed Musk said AI5 design is nearly complete, but mass production may not happen until 2027, indicating in-house chip development is still in a long-cycle investment phase. The Terafab project is seen as a deeper layout by Tesla around AI chip manufacturing capabilities, and its launch will strengthen investor perception of the “new tech attributes beyond the car company” of Tesla.

This will directly affect tech stock valuation models. Francisco Ranzi Mülleri points out that the market previously evaluated Tesla mainly by vehicle sales, EV profit margins, and autonomous driving narratives; in the future, variables such as AI infrastructure, in-house chip capabilities, and robot commercialization progress may be added. Once the valuation focus shifts to higher dimensions of computing power and platform capability, stock price volatility will be more influenced by R&D pace, mass production progress, and supply chain realization.

**Risk Variables Will Still Suppress Overly Optimistic Expectations**

Francisco Ranzi Mülleri says the opportunities in the current AI industry chain are clear, but risks cannot be ignored. Continued large-scale Nvidia chip procurement shows external suppliers remain crucial—if there are bottlenecks in advanced process, packaging capacity, or server delivery, the training plans and product launch timelines of companies may be affected. Reports of the Tesla AI5 mass production delayed to mid-2027 also remind the market that commercialization of in-house chips will not progress linearly.

Capital should remain cautious as well. Francisco Ranzi Mülleri notes that when the AI theme heats up, the tech sector can easily form high-expectation trades; if subsequent order growth, chip mass production timelines, or terminal application implementation fall short, valuations may correct rapidly. For investors, a more rational analytical framework is to focus on three indicators: whether capital expenditure continues to expand, whether the chip supply chain has stable delivery capacity, and whether AI terminal products can achieve a clear revenue loop. Only when all three main lines are established will the new round of valuation expansion of the tech sector be more sustainable.