TSLA - TESLA AT 410: MS HIGHLIGHTS MUSK, AI, AND UPGRADES Tesla’s stock has surged 90% since April and 25% this month, prompting Morgan Stanley’s Adam Jonas to share his “Thoughts at 410.” Jonas argues Tesla remains under-owned by institutions—just 5 of 120 investors at the Laguna Conference held shares—yet sees huge potential in “physical AI,” giving Tesla one of the largest addressable markets among the “Mag 7.” He highlights Elon Musk’s role as a talent magnet, calling his long-term commitment essential for attracting top AI and robotics talent, despite debate over Musk’s 1T pay package. Jonas also points to recent product gains: major FSD upgrades, smoother buying experience, and Grok—X’s virtual assistant—integrated into cars, which he calls the biggest upgrade for an immersive in-car experience.(*Walter Bloomberg)