TSLA - TD COWEN: TESLA TAKEAWAYS FROM AUSTIN TOUR TD Cowen’s Itay Michaeli reiterated a Buy and 509 target on Tesla after visiting Giga Texas and testing FSD. Key points: ❖ FSD (V14) performed smoothly. ❖ Cybercab innovations could cut RoboTaxi costs to ~0.30/mile, creating a large revenue opportunity ahead of its planned April 2026 launch. ❖ Software on HW4 still has major headroom, with V14 offering a 10× increase in parameters and more gains coming with AI5/6.(*Walter Bloomberg)