William Blair analyst Jed Dorsheimer's latest research report on Tesla suggests that the withdrawal of electric vehicle tax credit policies has caused a short-term market sentiment impact, but this adjustment was already expected and has limited influence on the company's stock price trend. The market's valuation logic for Tesla is almost entirely focused on a deeper transformation story—achieving an upgrade from traditional automobile manufacturing to real-world artificial intelligence through AI applications like robot taxis and Optimus. This is the core engine that determines long-term investment value.