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Ron Baron and Elon Musk explore the future by examining how advances in AI, robotics, next-generation manufacturing, autonomous vehicles, and more are driving step-changes in capability, scale, and real-time intelligence at Tesla and at xAI with Grok. Together, the conversation presents a future where innovation at scale aims to build a future of sustainable abundance and, fittingly, changes lives. ▬ Contents of this video ▬▬▬▬▬▬▬▬▬▬ 0:00 – Welcome Starman Elon 3:23 – After Optimus, What is Left for Humans? 5:43 – Billions of Robots 7:03 – Robot Costs and Business Models 8:39 – Why the Human-Like Hand Matters 10:48 – Sustainable Abundance Explained 12:26 – Restoring Mobility with Neuralink + Optimus 15:14 – Test of True Friendship 17:45 – Purpose of Buying Twitter 22:25 – The Truth About OpenAI’s Origins 24:09 – Birth of xAI and Grok 27:49 – Three Keys to Winning in AI 30:32 – Physical + Digital Intelligence 34:54 – Grok 5 and the Path to AGI 38:00 – How Far Can Sentience Grow? 40:31 – Are There Alien Civilizations? 41:18 – Tesla: The Machine That Builds the Machines 44:13 – Why Others Don’t Innovate Like Tesla 46:47 – Redesigning Tesla’s AI Chip (AI5) 49:28 – Building Giant Chip Fabs? 52:42 – Full Self-Driving Breakthroughs 54:56 – Safety Levels: 10x Safer Than Humans 55:55 – Why Elon Does All This? 57:05 – Elon’s Lifestyle and Philosophy --------------------- Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99BARON or visiting www.BaronCapitalGroup.com. Please read them carefully before investing. The performance data quoted represents past performance. Past performance is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Risks: All investments are subject to risk and may lose value. Portfolio holdings as a percentage of net assets as of September 30, 2025 for securities mentioned are as follows: Tesla, Inc. - Baron Fifth Avenue Growth Fund (4.3%), Baron Focused Growth Fund (9.7%), Baron Global Opportunity Fund (1.9%), Baron Opportunity Fund (6.0%), Baron Partners Fund (33.2%*), Baron Technology Fund (5.2%); Space Exploration Technologies Corporation - Baron Asset Fund (6.3%), Baron Fifth Avenue Growth Fund (1.5%), Baron Focused Growth Fund (11.6%), Baron Global Opportunity Fund (10.4%), Baron Opportunity Fund (4.5%), Baron Partners Fund (18.1%*); X.AI Holdings Corp. - Baron Asset Fund (3.2%), Baron Fifth Avenue Growth Fund (0.8%), Baron Focused Growth Fund (2.2%), Baron Opportunity Fund (1.2%), Baron Partners Fund (0.7%*), Neuralink Corp. - Baron Focused Growth Fund (0.2%). *% of Long Positions. Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. The discussions of the companies at the Conference are not intended as advice to any person regarding the advisability of investing in any particular security. The views expressed at the Conference reflect those of the respective speakers. Those views are not intended as recommendations or investment advice to any person and are subject to change at any time based on market and other conditions and Baron Capital has no obligation to update them. The value of investments and the income from them is not guaranteed and can fall as well as rise. Baron Capital has provided website addresses of companies participating in our Investment Conference as a convenience to our attendees. Baron Capital is not responsible for the content of these sites. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).