Tesla: Short Term vs. Long Term

People tend to overestimate what happens in short-term, and underestimate what happens in the long-term. We believe that notion will define the Tesla story over the next six years. We caution that it will take time for the Tesla story to unfold, and that there will be disappointments along the way, but Tesla’s Jun-17 quarter results and outlook around production and demand suggest the company is on a track to be a significant beneficiary in the global paradigm shift to EV and autonomy, all while producing affordable vehicles. Traditional auto is in a tight spot, dogged by legacy engineering (both on vehicles and manufacturing), and high labor costs. Tesla’s biggest challenge is ramping production, and, to a lesser extent, the threat of other tech companies (WayMo, Baidu, Apple).

Key Takeaways From The Quarter. Tesla maintained its outlook around key expectations including Model 3 production ramp, cap ex spend and profitability. The company also achieved slightly higher gross margins in Jun-17 than expected. In addition, there was commentary that in the past 5 days, they have not seen cannibalization of Models S and Model X from Model 3.  Instead, there has been an increase in both Model S and Model X orders, plus an uptick in Model 3 reservations to an average of 1,800 per day. Tesla clarified that there are 455k net reservations for Model 3, and that the “greater than 500k” reservations comment Musk made last Friday was 518k gross reservations.

3 Additional Gigafactories Are Coming. On the call, Musk mentioned that there are plans for Gigafactories 3, 4 and 5. One of these will likely be in the US, one in Europe, and one in China. We believe it will take 3-6 years to build these additional factories. This is significant for Tesla, as other automakers need to build factories at a similar scale and have yet to even break ground on their version of a Gigafactory. This underscores the structural lead Tesla is slowly building over traditional auto manufacturers as it relates to EV battery production.

Brace for Future Disappointments. As we’ve mentioned, this will take longer and be bigger than most people think. Our belief that it will take longer implies that there will be disappointments along the way. Here’s our best guess at the top 6 disappointments over the next two years: 1) Tesla may need to raise more money. 2) Tesla may miss on production targets by a quarter or two. 3) Full autonomy may come as late as 2021, not in 2019. 4) There may be a need for another factory to grow annual production above ~600k vehicles. 5) Demand may be negatively impacted when US tax incentives are reduced in 2019. 6) We’ll continue to see competitive announcements from other auto manufacturers and tech companies. While these disappointments will fuel controversy around the story, we believe they do not change the long-term potential of Tesla.

Tesla’s stealth advantage. Not captured in the quarterly results is something much bigger: Tesla stakeholders are on a shared mission to change the world. Tesla’s stakeholders include employees (all of which are shareholders, from the management team to the custodians), Tesla owners, shareholders, and suppliers.

Changes to our Model:

2017 Unit Shipments Adjustments

  • Vehicle delivery estimates increased from 101K to 105K.
  • Adjustment is due to higher Model S and X unit delivery assumptions based on positive comments on the call.

2018 Unit Shipments Adjustments

  • Vehicle delivery estimates increased 308K to 316K.
  • Adjustment is due to higher Model S and X unit delivery assumptions based on positive comments on the call.
  • Previously modeling 4% Y/Y decline in Model S and X unit growth, but changed to flat growth.

2017 Revenues, Margins, EPS Adjustments

  • Revenues increased from $11.2B to $11.8B; driven by higher model S and X unit deliveries.
  • Gross margins decreased from 23.4% to 22.7% due to lack of scale efficiencies related to Model 3 ramp.
  • EPS lowered from ($6.77) to ($7.06) due to lower gross margins.

2018 Revenues, Margins and EPS Adjustments

  • Revenues increased from $20.4B to $21.4B, driven by higher model S and X unit shipments.
  • Gross margins increased from 23.3% to 23.6% due to faster than expected scale efficiencies with model 3 ramp. We believe they can hit 25% gross margins in 4Q18, although it could be earlier.
  • EPS goes up from ($6.76) to ($5.93) due to slightly better gross margins.

Disclaimer: We actively write about the themes in which we invest: artificial intelligence, robotics, virtual reality, and augmented reality. From time to time, we will write about companies that are in our portfolio. Content on this site including opinions on specific themes in technology, market estimates, and estimates and commentary regarding publicly traded or private companies is not intended for use in making investment decisions. We hold no obligation to update any of our projections. We express no warranties about any estimates or opinions we make.

Cook: AR “Is One of Those Huge Things That We’ll Look Back At and Marvel”

Apple’s Jun-17 results highlight that its iPhone and Services business remain solid, despite the headwind of consumers holding off on upgrading in anticipation of a new iPhone this fall. For Apple, this is a good place to be as the company starts down the five-year road to redefine its business around Services, AR, and AI.

We’re optimistic that Apple will be a central player in the next wave and maintain its track record of being a disruptive force, all while maintaining profitability. With Apple’s latest results, we are updating our AAPL model.

Jun-17 Results.  Apple reported Jun-17 quarterly results fractionally above the Street’s – and Loup Ventures’ – expectations. Shares are trading up 6% in the aftermarket for three reasons (in order of importance): 1) Investors and we were expecting guidance below consensus estimates for the Sep-17 quarter due to the timing of the next iPhone. Based on guidance and comments from Cook, it appears the next iPhone will be launching in the month of September, which is good news for Apple. 2) Services growth of 22% was ahead of the Street at 18%, and an acceleration from 17% in Mar-17. We believe there are now more than 800m daily active iOS users, fueling Services growth, a segment emerging and insulated from the quarter-to-quarter fluctuations in iPhone shipments. 3) Adjusting for iPhone channel drain, iPhone units in Jun-17 would have grown 9% y/y vs. the 1% reported and down 1% in Mar-17. As mentioned, this is impressive give some iPhone purchases were postponed due to consumer awareness of the upcoming iPhone hardware upgrade.

AR: Cook finally can share more of his thoughts. Tim Cook has been waiting a year for this. He spent the past twelve months dropping 7 public hints about Apple and AR, prior to announcing ARKit in June. The Jun-17 earnings call was Cook’s first chance to talk about the theme of AR with investors, and he made it clear that Apple believes that AR will be the foundation of an upcoming paradigm shift in computing. Cook addressed the AR use case question in the prepared remarks: “We believe AR has broad mainstream applicability across education, entertainment, interactive gaming, enterprise, and categories we probably haven’t even thought of.” He also reiterated his WWDC comments that Apple will be an early leader in AR, “With hundreds of millions of people . . . as soon as iOS 11 ships.” This is noteworthy, given that we believe these numbers compare to around 10m-20m advanced AR-enabled (Tango) Android phones.

Cook didn’t stop there, he added: “I could not be more excited about AR and what we’re seeing with ARKit in the early going. . . I’ve seen what I would call more small business solutions. I’ve seen consumer solutions. I’ve seen enterprise solutions. I think AR is big and profound, and this is one of those huge things that we’ll look back at and marvel on the start of it. So I think that customers are going to see it in a variety of ways. Enterprise takes a little longer sometimes to get going. . . I couldn’t be more excited about it.”

“I think AR is big and profound, and this is one of those huge things that we’ll look back at and marvel on the start of it… I couldn’t be more excited about it.”  – Tim Cook

Machine Learning: Apple is developing ML capabilities in face detection, object tracking, and natural language interpretation. These skills are similar to other ML platforms, and now Apple competes in a crowded space with Google TensorFlow, Microsoft Azure Machine Learning, Amazon AWS, and IBM Watson. Apple’s unique approach is that its ML platform easily integrates with iOS and ARKit development. We’re doing more work on Apple ML and will report back on how we see Apple impacting the broader ML space.

Autonomy: Consistent with past comments, Cook called autonomous systems “a core technology” for Apple. He added they’re “making a big investment” in it. New comments from Cook included, “autonomous systems can be used in a variety of ways, and a vehicle is only one. But there are many different areas of it, and I don’t want to go any further with that.” Our takeaway is that autonomous technologies shouldn’t be limited to an Apple car. That being said, we believe the company wants to build an Apple branded car but understands that it’s a massive undertaking and a long shot. We believe that Apple is running parallel approaches to the market (the second approach being a licensing approach).

AAPL Near-Term Outlook. Over the next few months, investors’ anticipation of “buy on the next iPhone rumor, sell on launch date of the new iPhone” will likely grow. In addition, typical optimism around the potential of the next iPhone driving 5-10% y/y unit growth will slowly be replaced by anxiety about the tail of the next iPhone in Mar-18 and Jun-18. This could cause some bumps in the near-term.

AAPL Long-Term Outlook. Over the next few years, Apple will be a central player in the next wave and maintain its track record of disruption while maintaining profitability. We believe shareholders will be rewarded.

Disclaimer: We actively write about the themes in which we invest: artificial intelligence, robotics, virtual reality, and augmented reality. From time to time, we will write about companies that are in our portfolio. Content on this site including opinions on specific themes in technology, market estimates, and estimates and commentary regarding publicly traded or private companies is not intended for use in making investment decisions. We hold no obligation to update any of our projections. We express no warranties about any estimates or opinions we make.

Tesla’s Stealth Advantage: Shared Mission

There’s been a lot written about the Model 3 and little more I can add about the car, but I’d like to share something I noticed at my first Tesla event last week: the incredible power of a shared mission.

Tesla’s Fremont factory is one of the world’s largest buildings, so it was no surprise that the Model 3 hand-off event was a 5 minute shuttle ride from where the guests first assembled. Twelve people rode in my shuttle, of which four earned their ticket to the event through their participation in the Tesla Referral Program, where Tesla owners receive credit towards their next Tesla purchase by referring a customer. In case you’re wondering, the other seven people were suppliers. The shuttle worked its way around the back of the factory past what seemed like an endless line of people wrapping around the building. My group wondered aloud where all the people had come from. We got dropped off on a black carpet next to a staging area for a ride in a Model S on the test track.

At 7:30PM, an hour-and-a-half before Elon Musk would take the stage, I took two Model S test rides with Spyglass Capital fund manager Jim Robillard, and talked to a wide range of Palo Alto-based Tesla employees. I started each conversation by asking, “What’s on your mind?” Each employee lit up, detailing their contribution to the Model 3, and why they believe it will change the world. Investors I spoke to were not concerned about the central bear case on the Tesla story, that the company will never make money and run out of cash. Instead, they talked about the importance of EV, Tesla’s head start in battery production, and Tesla’s mission to accelerate the world’s transition to sustainable energy.

At 8:45PM, the event kicked off with Project Loveday finalists, named after Bria Loveday, the 11-year-old who suggested to Musk that Tesla should host a user-generated commercial competition. The quality of the commercials was impressive, requiring a ton of effort given the modest grand prize of an on-stage introduction at a future Tesla event.

At 9:00PM, Musk took the stage in front of 6,000 vocal fans – all employees. The long lines my shuttle bus had passed on the way to the event was Tesla’s manufacturing muscle waiting to get into the event. The crowd’s energy suggested the rank and file share the same passion about Tesla as the optimistic Palo Alto-based employees I had talked to earlier in the evening. The main screen briefly switched to a live feed from Gigafactory 1 in Sparks, NV. Same thing: a huge crowd of hand waving employees.

During my trip home from the event I realized that I had gone to meet a car; instead, I met a group of Tesla stakeholders on a shared mission to change the world.

As an analyst, I’ve always evaluated companies based on unit forecasts, product road maps, competition, profitability, and management teams. As a venture capitalist, I’ve added to that list culture and the level of shared mission. During my trip home from the event I realized that I had gone to meet a car; instead, I met a group of Tesla stakeholders on a shared mission to change the world. Tesla’s stakeholders include employees (all of which are shareholders from the management team to the custodians), Tesla owners, shareholders, Project Loveday participants, suppliers, and even an 11-year-old fan from Michigan.

I was reminded of the famous anecdote about President John F. Kennedy. During a visit to the NASA space center in 1962, President Kennedy noticed a custodian at work. He walked over to the man and said, “Hi, I’m Jack Kennedy. What are you doing?” “Well, Mr. President,” the custodian responded, “I’m helping put a man on the moon.”

Tesla has this same stealth advantage: a shared mission at a scale greater than I’ve seen in my 20 years in tech.

Disclaimer: We actively write about the themes in which we invest: artificial intelligence, robotics, virtual reality, and augmented reality. From time to time, we will write about companies that are in our portfolio. Content on this site including opinions on specific themes in technology, market estimates, and estimates and commentary regarding publicly traded or private companies is not intended for use in making investment decisions. We hold no obligation to update any of our projections. We express no warranties about any estimates or opinions we make.

Model 3 Hand-Off Event: Our Top 10 Questions Answered

We continue to believe the Model 3 will be the most important catalyst to the world’s adoption of EV and autonomous driving. And we expect it to play a big role in commercializing and consumerizing AI and robotics technologies. Heading into the Model 3 hand-off event, we had 10 key questions, of which 5 were answered as expected, 4 were favorable to our expectations, and 1 was a disappointment. Here they are, along with our take, listed in terms of importance:

Preorders: As expected. Demand for Model 3 is strong despite under selling. On Friday, Tesla announced there are over 500k preorders for the Model 3, up from 373,000 reservations placed six weeks after the vehicle’s preview in March of 2016. Over 500k preorders is in line with our expectations (see our note dated 7/5/17). While in line with expectations, the number is impressive given that there has been little to no Model 3 advertising. In addition, Tesla has been “anti-selling” the Model 3, and hasn’t even had vehicles available to test drive until Friday night.

Production Ramp: As expected. The production ramp will take longer than most people think. We are expecting about 6k Model 3 deliveries in 2017. Musk made it clear that it will be difficult to ramp production commenting, “we will be in production hell for at least 6 months, maybe longer”. Musk cited the Model 3’s 10k unique parts from around the world. Tesla may have difficulties keeping these parts flowing into the production line. We believe the assembly line itself is another obvious manufacturing hurdle. Based on observations at the hand-off event, we think it will be November before the Model 3 assembly line is even in place, and it will take several months after that for the kinks to be worked out.

Our Delivery Assumptions: As expected. It’s going to take longer to ramp deliveries, but this story will be bigger than most think. Our delivery estimates are unchanged. We’re expecting about 6k Model 3 deliveries in Dec-17, 308k in 2018, 373k in 2020. Our breakout year for the company is 2023 when we have deliveries of 1.6m, up from 980k in 2020.

Our ASP Assumptions: Favorable. While we believe there will be higher ASP’s, our delivery expectations remain unchanged. We’re raising our ASP assumption until the end of 2018 to $50,000, up from $44,000, because we believe there will be greater interest in the long-range model (+$9,000) and Enhanced Autopilot (+$5,000).

Cannibalization: Favorable.  The Model 3 is the best car in the world for its money, but it’s no Model S. After test driving both the Model 3 and the Model S, it’s clear these are very different cars. Similarly, we view the target consumer for the Model S as a different consumer than the Model 3. However, our TSLA model still assumes dramatic cannibalization of Model S from Model 3, with Model S deliveries going from 49k in 2018 to 27k in 2023. We’re leaving the model unchanged to be conservative.

Cost of Enhanced Autopilot: Disappointment. We did not expect Enhanced Autopilot to be a $5,000 feature, which causes us to speculate about whether or not there will be an up charge in a few years for full autonomy. Every Model 3 will have the hardware (8 cameras, 1 radar sensor, 12 ultrasonic sensors, 10 teraflops of computing power from Nvidia’s Drive PX2 platform) for Enhanced Autopilot today and will enable full autonomy, likely in 2-3 years. We were surprised the company is charging $5,000 to activate the Enhanced Autopilot feature today. This begs the question: Will the company charge to unlock full autonomy? Enhanced Autopilot features include traffic speed matching, changing lanes, merging on and off highways, and parking. The summon feature will be extended to more complex environments, like a busy parking lot. According to TechCrunch, the self-driving feature will cost consumers an extra $3k.

Full Autonomy: As expected. Every Tesla made today has the hardware to be upgraded to fully autonomous driving, which will likely be available in a few years. Unfortunately, lawmakers, not technology, will be the hold-up. The message from Tesla is clear: Autonomy will be here sooner than you think. Musk’s comments at the hand-off event where consistent with past comments, “Cars will be increasingly autonomous. You won’t need to look at an instrument panel all that often . . . You will be able to watch a movie, go to sleep. Every Tesla being produced now has all of the hardware necessary for full autonomy. . . it’s got 8 cameras, 12 ultrasonic sonars, it’s got the forward radar and it’s got over 10 teraflops of computing power.” It’s worth noting that a time frame for autonomy was not given. In the past, the company has suggested it would be achievable with a software upgrade sometime in 2019 or 2020.

Range: Favorable. Long range battery version breaks the 300-mile barrier. Standard battery is $35,000 and has a range of 220 miles; 0 to 60 mph: 5.6 seconds. Long range battery is $44,000 and has a range of 310 miles; 0 to 60 mph: 5.1 seconds.

Design & Performance: Favorable & As Expected. Consumers are going to love the design and the interior of the Model 3: a minimalist interior, single panel landscape display, glass roof, no grill with all smooth surfaces. As for the ride, our short test ride was more of a teaser than an actual test ride. There is a gap in ride performance between the Model 3 and the Model S, which should be expected given Model 3 will cost about 40-60% less than a typical Model S. That being said, car buyers in the $30-50k range will be more than pleased with the Model 3 ride. Elon Musk tweeted following the event that their will be a performance version of the Model 3 in the middle of 2018.

Safety: As expected. Expected to have 5-star rating. Video at event illustrated Model 3 is safer than 5-star rated Volvo S60.

Disclaimer: We actively write about the themes in which we invest: artificial intelligence, robotics, virtual reality, and augmented reality. From time to time, we will write about companies that are in our portfolio. Content on this site including opinions on specific themes in technology, market estimates, and estimates and commentary regarding publicly traded or private companies is not intended for use in making investment decisions. We hold no obligation to update any of our projections. We express no warranties about any estimates or opinions we make.

Tesla’s Breakout Will Take Longer But Will Be Bigger Than You Think

We are publishing our Tesla model with forecasts out to 2023. We’re believers that Tesla will play a central role in two upcoming paradigm shifts: 1) EV and autonomous transportation, and 2) renewable energy – driven by Tesla’s core competencies in AI and robotics. We believe patient shareholders will be rewarded and expect 2023 to be a breakout year for the company.

Where we’re different than other positive views. We think the Tesla story will take longer but will be bigger than most positive outlooks anticipate. Specifically, we expect it will take 2 years longer for Tesla to hit an inflection point, as defined by manufacturing 1 million cars per year, and at that time (2023) growth rates will accelerate. Our estimated growth in units delivered goes from 30.4% in 2021 to 62.7% in 2023. Ultimately, we believe Tesla will deliver nearly 1.6M cars in 2023. To put this in perspective, BMW sold 2.3M cars in 2016. We believe that this massive ramp is achievable; as more Model 3s and Model Ys enter the marketplace, more consumers will become aware of the benefits of a Tesla. In addition, the vehicles themselves will cost less, primarily due to better production methods.

A thought on timing. Shares of Tesla fluctuate based on timelines; for example, product announcements, preorder numbers, deliverables, and commentary around future production are acute events that have created fluctuations in shares. We expect continued fluctuations in timing over the next five years, and believe shares of Tesla will have dramatic moves (both down and up) around those timing announcements. Despite this expected volatility, we remain confident in the themes that we are laying out, and that Tesla will be a catalyst and a beneficiary of the paradigm shift to both EV and autonomy. We see the quarter-to-quarter timing as less important than the bigger picture of Tesla’s role in this next wave. In addition to timelines, legislation is going to have a dramatic impact on Tesla’s future. Even though Tesla’s vehicles are expected to be fully autonomous within the next few years, it is highly unlikely that legislation will allow for that update. Full autonomy is touched on more when we discuss Tesla Fleet.

Tesla deliveries will continue to build with an inflection point in 2023. We believe that Tesla will deliver just over 100,000 vehicles in 2017, including 6,000 Model 3 units. Elon Musk has shared that by the end of 2017, Tesla will be producing 20,000 Model 3s per month. While there is sufficient demand for that many Model 3s, we believe that the actual delivery of the vehicles takes time. In 2018, we believe there will be just under 310,000 vehicles delivered, including 217,200 Model 3 units. Right now, it’s estimated that there are over 500,000 Model 3 reservations. If one were to order a Model 3 today, expected delivery would be in January of 2019. We feel that there is sufficient demand for the Model 3, and that Tesla’s biggest challenge when it comes to delivering over 300,000 vehicles in 2018 is whether or not it can produce that many. In other words, the demand is there, and the ball is in Tesla’s court to deliver. When it comes to the Model S and Model X, we expect quarterly deliveries to begin to decline with the introduction of the Model 3, and eventually, the Model Y. While there will still be demand for these premium vehicles, the introduction of both the Model 3 and Model Y will lead to some cannibalization of sales.

Speaking of the Model Y, we believe that Tesla will introduce the Model Y in 4Q19. Elon Musk has stated publicly that the Model Y can be expected in 2019. We chose to take the conservative estimate on launch timing, and think it will happen at the end of the year. Long-term, we think the Model Y will be more popular than the Model 3.

SolarCity acquisition a long-term bet on renewable energy. Tesla does not exist to simply build great electric vehicles. Self-driving automobiles are just one part of Tesla’s ambitions as an energy company, as evident in their mission statement:

Tesla’s mission is to accelerate the world’s transition to sustainable energy.

Tesla acquired SolarCity less than a year ago. While we are big believers in the long-term strategy of providing consumers all of the necessary pieces to generate and store energy, we think it will take some time to integrate the two businesses, or more specifically, for SolarCity to adopt Tesla’s culture and operational style. Long-term, we believe that Tesla’s energy generation and storage will become a much larger part of its business. When SolarCity was acquired, Elon Musk stated that “SolarCity may add $1B to Tesla Revenues in 2017.” We are less optimistic, and believe that it will add $864M to Revenue in 2017. We believe the energy generation and storage business will grow by 10% in 2018, 15% in 2019, 25% in 2020, 40% in 2021, and be growing at 50% annually in 2022 and 2023. By 2023, energy generation and storage would be a $4B business for Tesla.

Tesla Fleet has a promising future. In simple terms, a fleet platform from Tesla would allow for an owner’s Tesla to be its own “Uber” while they are at work, at school, or asleep. In theory, you could lend your car out to anyone, whenever you want, and make money through the platform when you’re not using your Tesla. During a TED talk in late April, Elon Musk even went as far as to say their ride sharing program will eventually be cheaper than public transportation. Today, Uber drivers make an average of $19 per hour, which, if calculated at 40 hours per week, adds up to $39,492 annually.  It is not likely that owners would lend out their cars this often or at this rate, but this extra compensation (in addition to reduced parking costs) bodes well for future Tesla owners. This option for autonomous vehicles may come sooner than previously thought, with Musk publicly stating that he believes Level 5 (fully autonomous) production to be possible in two years, looking at late 2019 or early 2020. While production of Level 5 vehicles may be available within this two-year time frame, mass adoption and ride-sharing will most likely be held back by governmental legislation and consumer hesitation.

Expect a Tesla Semi announcement this fall; but it will take a long time to bring to market. Over the course of the past year, Elon Musk has been slowly releasing information regarding one of Teslas’s many ongoing projects: Tesla Semi, to be officially unveiled this September. This program is led by Jerome Guillen, the company’s former Model S Program Director and VP of Vehicle Engineering. Musk describes the vehicle as a “heavy-duty, long range semi truck” that will maintain the highest weight capability and long range, meant to alleviate the heavy duty trucking loads. A class 8 diesel truck has a load limit of 80,000 pounds, maxing out with a load around 40,000 due to the truck’s own weight of approximately 35,000 pounds. When asked how the electric semi would size up to current diesel models, Musk’s comments lead us to think there will be little to no competition. The Tesla Semi will have a flat torque compared to a diesel truck’s curved torque, allowing the electric truck to “out-torque” any diesel semi. Musk said that if the Tesla Semi and a diesel truck were in a tug-of-war competition, the Tesla would “tug the diesel semi up hill.” The company’s goal for this project, as stated by Musk, is to “deliver a substantial reduction in the cost of cargo transport, while increasing safety and making it really fun to operate.”

Tesla Profitability in 2021 or later. We believe Tesla’s Revenue will reach $11B in 2017, up 60% from 2016. By 2023, we believe Tesla’s Revenue will be $77B and growing at 55%. When it comes to EPS, we believe Tesla will become profitable in 2021, and ultimately reach an EPS of $28.09 in 2023. We expect Gross Margins to be 23.4% in 2017, and step down slightly to 23.2% in 2018, before climbing slowly, reaching 30% in 2022. The key to achieving 30% Gross Margins lies in Elon Musk’s compensation plan. Elon Musk stands to earn $1.6B in stock options if he can achieve 10 milestones by 2022. Once the first Model 3 is produced and delivered later this week, the two remaining milestones are: aggregate of 300,000 vehicles (at 230,000 after 2Q17), and four consecutive quarters of Gross Margins at 30% or higher. We think Tesla will reach both of these outstanding milestones.

Disclaimer: We actively write about the themes in which we invest: artificial intelligence, robotics, virtual reality, and augmented reality. From time to time, we will write about companies that are in our portfolio.  Content on this site including opinions on specific themes in technology, market estimates, and estimates and commentary regarding publicly traded or private companies is not intended for use in making investment decisions. We hold no obligation to update any of our projections. We express no warranties about any estimates or opinions we make.