Apple CEO Tim Cook (a.k.a. “Tim Apple”) told investors last week that Apple is “rolling the dice” on future products that will “blow you away.” The company has recently and radically increased its research and development budget to above $10 billion per year.

I believe one of those dice-rolling initiatives is Project Titan — Apple’s self-driving car.

I talk to a lot of informed readers, industry notables and news junkies, and everybody seems to have a different idea about what’s going on with Titan. Is Apple building its own Tesla? Or is it simply improving its CarPlay dashboard system? Or something in between?

It’s an important question, because the direction Apple takes with Titan could have huge consequences for enterprises, transportation, artificial intelligence and the consumer electronics market.

Before we get to all that, let’s dispel the many misconceptions around Apple’s Project Titan.

1. Apple is killing off its self-driving car program

False. Yes, Apple said last month that it will lay off 190 Silicon Valley employees in its self-driving car unit by April 16 — 38 engineering program managers, 33 hardware engineers, 31 product design engineers and 22 software engineers.