New Street Research analyst Pierre Ferragu on Friday said Tesla Inc.’s Full Self-Driving (FSD) business may be approaching an “inflection point,” arguing that investors continue to underestimate the technology’s value. Ferragu argued that Tesla’s addressable market could expand significantly as consumers begin viewing its cars as AI-powered vehicles rather than just conventional offerings, comparing the opportunity to Apple Inc.’s iPhone. He cited Tesla’s better-than-expected second-quarter deliveries as an early sign that the company’s FSD technology could be at an inflection point. Ferragu wrote, “A Tesla is not a car, the same way an iPhone was not a phone,” adding, “Give us 2 more quarters to see where this is heading.” His comments come amid the latest expansion of Tesla’s robotaxi service, which went live in Miami last week. Tesla’s shares were down nearly 1% in Friday’s pre-market trade.