A‑share storage chip sector rebounded in the afternoon. Tuolunsi surged over 15%, Zhichun Technology hit the daily limit, Zhengfan Technology rose more than 9%; Tongfu Microelectronics, Jingce Electronics, Qiangyi Co., Shen Technology and Tuojing Tec

1. JPMorgan Chase: "Neutral" rating, target price lowered from $475 to $445. With the wider deployment of Robotaxi approaching, Cybercab production capacity continuing to increase, and auto sales showing signs of renewed accelerated growth, downside support for the stock price remains. The potential for future earnings per share inflection points and segment valuation releases remains intact. 2. Mizuho Securities: "Outperform" rating, target price lowered from $480 to $450. Tesla is a leader in physical artificial intelligence. The overall regulatory environment is expected to remain favorable for industry development, and these factors will have a smaller impact on Tesla than its peers. 3. Piper Jaffray: "Outperform" rating, target price lowered from $500 to $450. Tesla needs to dispel market doubts about Optimus and Cybercab, especially Optimus, which we believe is currently valued at $0 per share. We remain optimistic about the company, but the timing of catalysts is difficult to predict. 4. Stifel: "Buy" rating, target price $508. Slightly negative earnings and management comments, a significant decline in profit margins, lower-than-expected adjusted EBITDA, and a substantial increase in capital expenditures leading to negative free cash flow offset the positive revenue performance. 5. RBC Capital Markets: Rating "Outperform," target price $500. More importantly for Tesla shareholders, Robotaxi is progressing as planned. Additionally, Cybercab has begun production at the Texas Gigafactory. 6. Morgan Stanley: Rating "Neutral," target price lowered from $417 to $400. The lower target price reflects increased capital expenditures and a faster rate of cash burn by the end of this decade. 7. Evercore ISI: Rating "In line," target price $300. It has become quite unclear which long-term driver investors are focusing on in the short term. 8. Melius Research: Rating "Buy," target price lowered from $590 to $575.

Market news: Euronext is considering setting up a private equity trading market to compete with the UK market.