Morgan Stanley analyst Adam Jonas noted in his latest report that SpaceX and Tesla share technology, talent, and infrastructure in their common mission to transform energy into intelligence. Musk and his team believe that AI value creation over the next decade will depend on who can build, power, connect, and operate AI in the physical world. Tesla and SpaceX have independently but synergistically built physical AI capabilities and are progressively bridging the gap between them. The report listed areas connecting the two companies, including advanced chips and AI hardware, energy storage, vehicles and components, agent platform development, solar energy, materials engineering, suppliers, connectivity, cross-shareholdings, corporate culture, and talent. Specifically, SpaceX provides computing, connectivity, and capital to Tesla, while Tesla provides robotics, data, and energy and manufacturing capabilities to SpaceX.