TESLA Q2: FSD 15 Could Change The $25B Bet

Tesla’s Q2 earnings triggered a brutal market reaction as the scale of its next investment cycle came into focus. But Brian Wang argues one part of the story may be getting badly underestimated: FSD. In this post-earnings reality check on ‪@overthehorizon‬, Brian and I break down why FSD 15 could become a major financial inflection point for Tesla, with FSD attachment already above 55% on new North American deliveries and the paid customer base approaching 1.5 million. We also dig into: • Why Tesla appears to be moving cautiously with FSD 15 and Robotaxi • How recurring FSD revenue could begin changing Tesla’s margin structure • The significance of Cybercab, Robotaxi and the Starlink integration • Why Tesla is committing more than $25 billion to CapEx in 2026 • Megapod, Digital Optimus and Tesla’s expanding AI compute strategy • Micron, Samsung, TSMC and the semiconductor supply chain behind Tesla’s AI ambitions • Why Brian sees the current spending cycle as the foundation for several potentially enormous new businesses The market is focused on today’s margins and cash burn. This conversation looks at what Tesla is actually building with that money, what still has to go right, and where the first meaningful returns could appear. #Tesla #FSD #Robotaxi #Cybercab #TeslaQ2 #overthehorizon #overthehorizonpodcast