For years, I have been observing off the market and insisting that this company's valuation is utterly absurd. In the framework of traditional automakers, it indeed seems ridiculous. But if you see it as a vertically integrated AI empire, with the only IPO entry point? Then it’s not so far-fetched. I have already established a position.

Most people only see the surface—sales figures, capacity expansion, these old tricks. But the real secret is hidden in the data. Every vehicle continuously generates data, which in turn feeds the models, making the system smarter. Competitors would need years to replicate this closed loop, while they have been on this path for ten years.

This moat formed by data accumulation is not just a marketing term. It is a tangible competitive advantage—more users → more data → stronger models → better experience → more users. Once this cycle starts turning, new entrants can only watch from the sidelines.

From this perspective, the valuation logic is not based on sales volume, but on who can control the discourse power over data in the AI era.