Joe Bhakdi believes a Tesla-SpaceX merger is highly likely eventually given Elon's overlapping management, AI ambitions, and Terrafab plans, though he sees no concrete evidence pointing to an announcement this year and cautions the process is far more complex than commentators assume. He also argues that near-term catalysts like Terrafab and the merger itself are unlikely to move the stock quickly, even though he expects them to be major long-term value drivers once the market understands them.