On July 22, it was reported that Tesla (TSLA.O) is set to release its second-quarter earnings after the market closes on Wednesday. Investors are more eager to hear about the latest developments regarding Robotaxi, the humanoid robot Optimus, and artificial intelligence strategy from Elon Musk during the earnings call, rather than just revenue and profit figures. Andrew Percoco, an analyst at Morgan Stanley, believes that the Robotaxi and Optimus businesses remain key factors influencing Tesla's stock price. He anticipates positive progress in the earnings report, but it may not be sufficient to completely alter the market's valuation of the company. Tesla has continued to ramp up investments in data centers, AI infrastructure, and robot manufacturing this year, with capital expenditures expected to reach $25 billion. According to LSEG data, Tesla's free cash flow for the second quarter is projected to have a net outflow of $3.3 billion, marking the first quarterly net cash outflow in more than two years. Morgan Stanley points out that investors are closely watching whether Tesla's massive investments can truly enhance its competitiveness in the field of physical AI and when these investments will translate into actual profits.