The Future Fund's decision to exclude speculative future products like robotaxis and Optimus from Tesla's valuation suggests a conservative approach, focusing on tangible metrics like EV adoption and market share. Despite Tesla's recent stock underperformance, the fund's long position indicates confidence in Tesla's ability to capitalize on global EV trends. However, near-term challenges such as high auto loan rates and negative Cybertruck margins could impact earnings, leading to a neutral short-term outlook.