Dan Ives: A.I. a $1 Trillion Dollar Story for TSLA

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테슬라 실적 호조로 마진 반등 확인, 2026년 전후 20~30% 인도량 성장 예상. 저가형 모델(3만달러 이하)은 내년 상반기 출시 전망, 자율주행·AI가 핵심 모멘텀이며 목표가 300~350달러 제시. 애플은 AI 소비자 플랫폼 역할로 목표가 300달러 제시, 팔란티어는 저평가 종목으로 언급. 다음 주 빅테크 실적도 강세 전망.

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01. The spotlight on Tesla, which had blowout earnings. The stock surged, had its best day in over 11 years. And if you look back to the year 2013, there was a day where it was up 24% a month later, up 47% and a month later, 3 months later, another 141%. So, does more gains beget more gains? Let's ask Dan Ives, managing director equity research at Wedbush Securities.

02. Good to see you, Dan Ives. Some of your thoughts on the stock moves which have been monstrous this week. Um, you know, can it continue to move higher? It's just starting. Because what I view is they needed to ultimately show that margin story, that it was going to rebound, and we saw just massive margin rebound in terms of for Tesla.

03. And it's all about deliveries into next year. 20-30% growth, much higher than anyone expected, even the bulls like us. I think it's got the popcorn out. This is just the stage to this company being over a trillion-dollar market cap. I mean, you know, someone when I was asking about the competitive landscape said there is a monstrous difference between Tesla and Lucid and Rivian.

04. Would you say that's right? I mean, not even the same sentence? I mean, we're talking Mahomes compared to other quarterbacks, right? I mean, this is just a separation from a scale and scope. They're going to have 2 million deliveries next year. I mean, a lot of these other you're talking about 100-200K.

05. What Tesla's able to do right now, now it's expanding that product line. You'll see semi, you'll see roadster, of course, cybertrucks out there. Sub $30,000 vehicle we think going into next year. That's ultimately going to be the key as this all ultimately plays out. And look, you go into this. Me and you have talked about this the last few weeks.

06. New York City cab driver was bearish on Tesla into this quarter. They showed the margins, they showed the delivery, and I do believe the robotaxi takeaways was the wrong one that the bears came away with. This will be an autonomous and AI story over the coming years. You know, uh Cathie Wood over at ARK Invest uh sold 77,000 shares.

07. Um the closing price was 260.48, valued at over $20 million. Mistake taking some profits now? I mean, how quickly does this stock grow? Um was that not a good move on her part? Look, Cathie and ARK, I mean, one of the biggest supporters of Tesla, right? So, I mean, they're all you for for the long term.

08. I I mean, if you look at their model on robotaxis and where this is all heading, it just speaks to our broader point. This is the most undervalued AI play in the market. And I think what we saw with this quarter was a huge step in the right direction because of margins. Because we can talk about AI autonomous all day long.

09. Comes down to margins. You could see their team margins showed the 200 bip improvement, now going to 20% next year. But look, 20 to 30% delivery growth. If they even hit the bottom end of that range, then this is a stock with a three in front of it. Yeah. You know, um I started to hear some good things about the batteries growth, the Cybertruck margins.

10. Um those seem to be good news. There were some impatience pertaining to full self-driving at the end of 2026 because is that hogwash? Is that get pushed back to 2027? Is that okay for you? It to me, trying to look at six months if it if it's first half 26, second half 26, I think it's splitting hairs in terms of where this is all going because the autonomous and AI story, I believe the AI story is worth a trillion dollars alone to to Tesla.

11. So, if it moves out six months, it doesn't necessarily move the needle for us. In the near term, it's really about coming out with a sub-30K vehicle. I think that's first half of next year, margins rebounding, delivery growth rebounding, especially in China. And then you start to look at all the growth levers that could happen here.

12. That's why the you know, if you look at the last 24 hours, the bears they're going back into those hibernation mode. Uh you know, Elon Musk has shown his political cards, and what do you tell the Democrats? Should they sort of put their political views aside and still believe in Tesla? Look, it's a tight rope.

13. I mean, clearly, you know, it's been a controversial issue, but I think in terms of US, despite all the noise, it's been limited from a demand perspective in terms of the impact. Now, I'm not saying going forward, there there can be some, you know, a little nervousness on that, but the reality is if you produce the best vehicles in the world for EVs, consumers will buy them.

14. And I think we saw that with Cybertruck, right? Yeah. What is your price target on Tesla, Dan? 300, and then bull and then bull case 350. 300, 350. Um you know, in the cyber cab, I think, you know, the timeline was a little vague. There's no cheaper model. People were a little disappointed with that, but there's definitely this feeling that there was some good news.

15. We saw the stock surge, and as I said, there were times where this stock, once it surged, continued to do so the next month, and then the following 3 months. Can I turn your attention quickly to Apple, because we have you here, and we're going to have more Apple later in the show, but I did want to to as Apple intelligence is out now.

16. It's going to be summarizing my emails and my messages, and uh be able to talk to it pertaining to my photos. Is this a monumental moment for Apple? Look, I think when I look at Apple and I look at the name, this continues to be a consumer AI play. Apple intelligent when you stem out where consumers are going to access AI, it's going to go through most of an Apple device.

17. And and I think if you look over the coming years in terms of the AI revolution, it's being led by Godfather of AI Jensen Nvidia, the hyperscale players, Microsoft, Amazon, Google, and then Apple is going to be a major AI player over the coming years. And but so is Tesla. Tesla continues to really be the most undervalued AI play in the market.

18. By the way, KeyBank um you know, said that the the iPhone the SE could be really popular, which seems like a good thing, but it will be cannibalistic and could backfire um for fewer 16 sales or 17 sales, let's say. Um I'm paraphrasing, but that the SE could be almost a backfire for them. Would you say that's a problem if they sell too many of those cuz that's a cheaper model, it's etc.

19. A little smaller. I think that's also going after you know, some of the developed markets, some of the mid-market. I I don't view that cannibalistic. That that that's always been our view in terms of this product cycle. Yeah, understood. What's your price target on Apple these days? We're 232 today.

20. 300 and I think that's one Nicole like when you look at Apple, you look at Tesla, you look at the messy of AI Palantir, right? $100 billion market cap today. Yeah. Three three names still very underestimated by the street. What do you think at the end of the week when we look at Apple, Amazon, Meta, Microsoft?

21. Is that what we have next week? Um you know, are we going to have all wins? Is it going to be double beats across the board or a mixed bag? What's going to What's your crystal ball tell you about next week's earnings? popcorn out. Big tech's going to be strong next week. All right. Let's talk on Friday, next Friday.

22. I'll be here. Okay, but I am available. Dan Ives, Wedbush Securities, always great to have you on the show. Thank you. Thanks so much and a and a good preview, too, for next week. Thank you.