In a new presentation, former hedge fund manager James Altucher argues that Tesla is not a car company but an AI company, citing a project he calls "A.R.M." as evidence. Altucher claims Tesla has "discontinued the production of key car models" and "shifted their focus towards developing 'A.R.M.'" He notes Tesla stock "has soared as high as 103% percent since 2024" and ties the pivot to Elon Musk's ambition, saying Musk "believes it could help Tesla hit a $25 trillion valuation." Altucher expresses skepticism about that figure, saying "these numbers are absurd" and noting that at such levels "Tesla alone would be worth more than half the S&P 500," before explaining why he believes them anyway. He frames this as a continuation of a call he made in 2016 about Tesla's self-driving AI technology, claiming "since then, its shares have jumped as much as 31x." Altucher describes "A.R.M." as an AI-powered humanoid robot, pointing to Musk's framing that it could become "The biggest product of all time - by far." He says Musk has set "a target to produce 1 million of them within the first year of launch," then to "eventually produce 10 million robots a year." Altucher presents this as his own analysis rather than a certainty.