When I first saw the Ex-Elon ETF, I just thought it was a bit funny. Wall Street had invented another product designed to harvest traffic. Now, looking back, it’s rather intriguing. After Tesla’s earnings report, the stock plunged—profits fell short of expectations, quarterly capital expenditures rose to $5.8 billion, and free cash flow dropped to negative $1.1 billion. The situation mirrors what we analyzed yesterday with Google: the market isn’t questioning AI demand, but is now asking—when will these massive investments yield returns? The rollout of Robotaxi has also lagged behind market expectations; the anticipated rapid commercialization hasn’t materialized. Meanwhile, $SPCX has dropped to $118 and faces further downward pressure as locked shares gradually unlock. When both SpaceX and Tesla declined, the investment thesis behind the Ex-Elon ETF suddenly became clear.