You cannot divorce an IP asset from all the fundamentals. G.E.M. was better than Windows in its first iteration. DEC’s Alpha Chip, and AmigaOS and others had great advances, too, but they didn’t have the rest of the package.
The Market is already well-aware of Tesla’s IP in AI, and that is factored into the current price.
At SpaceX, especially, and to some degree, Tesla, Musk has greatly lowered costs using two strategies, vertical integration and what he calls first principles thinking (designing and engineering based on physics rather than analogy). This new AI chip reflects both strategies.