Lou Whiteman: Yeah, it's a lot to process. OpenAI continues to be a confusing structure, even with this. But I think this is a win all the way around. Microsoft gets to put a value on its stake, 135 billion, which for most of us, is a lot of money. For Microsoft, not so much, but still it's good to get that out there. There's at least hope now that OpenAI can, like you said, do an IPO or at least have ways to fund all of its massive amount of commitments. Microsoft gets that $250 billion as SPN commit, but ...

Core Insights - Tesla's third quarter earnings report showed a significant decline in net income by 37%, attributed to a higher than expected tax rate of nearly 30%, despite beating revenue expectations [2][3][12] - The expiration of the federal EV tax credit at the end of September raises concerns about future EV demand in the US, as Tesla recorded nearly half a million vehicle sales in Q3, which may not be sustainable [4][12] - The company has faced challenges in innovation, with only one new vehicle model, the Cyber Truck, introduced in the last five and a half years, leading to potential sales declines in the coming years [5][6][12] Financial Performance - Tesla's operating results exceeded expectations, with margins coming in ahead of forecasts, but the overall performance was marred by the high tax rate [2][3] - Year-to-date earnings have decreased by 31% year-over-year, indicating significant headwinds for the company [12] - The energy storage segment showed strong growth, with revenue up over 40% year-over-year, helping to offset weaknesses in the automotive side of the business [38][39] Market Position - Tesla has lost market share in key regions, including the US, Europe, and China, with a notable drop from the second largest EV seller in China to fifth place [6][29][30] - The competitive landscape in China is particularly challenging, with numerous domestic manufacturers gaining market share, while Tesla's limited model variety hinders its performance [29][32] - The company is expected to experience a sales slump in the US due to the expiration of the federal EV tax credit, with projections indicating a year-over-year sales volume decline of 10-15% in 2024 [33][36] Future Outlook - CEO Elon Musk's focus on autonomous driving and robotics may not yield immediate results, as the rollout of the robo taxi service is slower than anticipated due to safety concerns [18][19] - The upcoming annual meeting on November 6 will address a proposed compensation plan for Musk, which has faced opposition from proxy advisory services, although past shareholder behavior suggests a likelihood of approval [14][15][16] - Tesla's valuation remains high, trading at over 250 times the estimated EPS for 2026, reflecting investor optimism about future growth despite current performance challenges [25][26]

Core Insights - Uber's latest quarterly results exceeded expectations, with notable strength in delivery services, although margins raised some concerns [2][5] - The stock experienced a decline, attributed to broader market trends and potential profit-taking, despite solid performance [3][4] - The future growth potential of Uber is heavily tied to the development of robo-taxi services, which are still in the testing phase [5][6] Financial Performance - Uber reported a free cash flow of $8.5 billion, indicating a strong financial position and the ability to invest in future technologies [12][13] - The company has maintained profitability for three consecutive years, which is viewed positively by analysts [13] Market Reaction - The market's cautious sentiment led to a sell-off, with some analysts suggesting this presents a buying opportunity [9][10] - CEO Dara Khosrowshahi's comments on the profitability timeline for autonomous vehicles may have contributed to market hesitance [7][8] Loyalty Programs - Uber's loyalty programs are seen as effective in retaining customers and driving repeat business, especially after securing a partnership with Delta Airlines [15][17] - The loyalty initiatives are compared favorably to those of competitors like Lyft, enhancing customer engagement [16][17] Investment Outlook - Analysts recommend viewing the current dip in stock price as a buying opportunity, citing reasonable valuations and strong growth prospects [18]

The ride-hailing company plans to be live in at least 10 markets with its autonomous-vehicle fleet by the end of 2026. ...

Core Insights - Uber reported strong Q3 results with revenue of $13.47 billion, exceeding the $13.26 billion estimate, marking a 21% increase year-over-year [2] - The company posted an EPS of $1.20, significantly higher than the $0.70 expected, and adjusted EBITDA of $2.3 billion, up 33% from the previous year [2] - Despite strong performance, Uber's stock dropped 5% in pre-market trading, indicating investor expectations were not fully met [4] Financial Performance - Q3 revenue reached $13.47 billion, surpassing estimates and reflecting a 21% year-over-year growth [2] - Net income was reported at $6.6 billion, with $4.9 billion attributed to a tax valuation benefit rather than operational performance [2] - Monthly active platform consumers (MAPCs) increased to 189 million, exceeding expectations and showing a 17% year-over-year growth [3] Future Projections - Uber projects Q4 gross bookings between $52.25 billion and $53.75 billion, slightly above the $52.33 billion estimate, with adjusted EBITDA expected between $2.41 billion and $2.51 billion [3] - The company is focusing on building lifelong customer relationships and investing in AI and autonomy for future growth [4] Strategic Partnerships - Uber announced a partnership with Nvidia to develop the world's largest network of nearly autonomous (Level 4) cars, aiming to build 100,000 vehicles starting in 2027 [5][6] - The partnership with Lucid for a robotaxi service will utilize Lucid EVs and Nuro's Level 4 driving software [7] - Starting next year, Uber users will be able to book helicopter and seaplane trips through the app, thanks to a collaboration with Joby [8]

Group 1: WeRide Inc. Share Sale - WeRide Inc. raised over $308 million through the sale of over 88 million shares priced between HK$27.10 and HK$35 ahead of its Hong Kong Stock Exchange debut on November 6 [1][2] - The share sale generated over HK$2.39 billion ($308 million), with the potential to increase to $354 million if the greenshoe option is exercised [2] Group 2: Utilization of Funds - The funds raised from the listing will be used to develop Robotaxi technology, expand into new markets, and scale up commercialization [3] Group 3: Industry Developments - Baidu's Robotaxi service, Apollo Go, recently achieved a milestone of 250,000 weekly rides after completing over 140 million driverless miles and 17 million Robotaxi orders [4] - Uber signed a deal with Nvidia to deploy over 100,000 Robotaxis by 2027 and has a separate agreement with Lucid Group for 20,000 Robotaxis over the next six years [5] - Uber's CEO predicts that all cars will be autonomous in the next 20-plus years, with a focus on autonomous technology in the upcoming earnings call [6] - Tesla's Cybercab was spotted testing in California, indicating progress in its production plans at the Gigafactory in Texas [7]

But another weak breath day that doesn't really seem to matter for the index trend. >> Yeah, Mac, do you want to tell me about uh Uber and the expectations there. >> So, Scott, the street is bullish on Uber's Q3 print with both Bank of America and UBS calling for a modest beat fueled by strong rid share demand and more users actively booking trips and placing food orders through the app.Even as Door Dash continues to take share, Uber's delivery category is expected to stay resilient and autonomous driving. ...

Group 1: FDA and Aurinia Pharmaceuticals - George Tidmarsh has resigned as director of the FDA's Center for Drug Evaluation and Research amid accusations of making false statements about Aurinia Pharmaceuticals and its lupus nephritis treatment [4][3] - Aurinia has filed a federal lawsuit against Tidmarsh, alleging false statements and solicitation of a bribe, which Tidmarsh claims is a result of a toxic environment at the FDA [4][3] - Tidmarsh criticized the FDA's new National Priority Review Voucher program, suggesting it could alter drug approval processes without adequate legal support [4] Group 2: Autonomous Driving - Baidu's Apollo Go unit has achieved a milestone of over 250,000 fully driverless rides per week as of October 31, matching the performance of Waymo [5] - The total number of robotaxi rides operated by Apollo Go during the quarter ended June 30 was 2.2 million, averaging around 169,000 rides per week [6] Group 3: Nvidia and U.S. Market - President Trump announced that Nvidia's most advanced Blackwell chips will be exclusively available to U.S. companies, restricting access to other countries [7]

Core Insights - Tesla's Full Self-Driving (FSD) system has shown significant improvement, with the latest version (v14) achieving a critical disengagement rate of 1,677 miles, a substantial increase from the previous version (v13) which had a rate of approximately 500 miles [2][3]. Group 1: FSD System Progress - Gary Black, managing director of Future Fund LLC, praised Tesla's advancements in the autonomous driving sector, highlighting the improved performance of the FSD system [2]. - A critical disengagement occurs when the FSD system disengages due to a potentially unsafe situation, requiring driver intervention [3]. Group 2: Cybercab Production and Testing - Tesla CEO Elon Musk claimed that the FSD system's adoption could outpace any previous technology, coinciding with the company's plans to produce the Cybercab [4]. - The Cybercab has been observed testing on public roads, featuring a steering wheel and pedals to meet safety regulations, as indicated by Tesla's Board Chair Robyn Denholm [5]. Group 3: Company Metrics - Tesla scores well on Momentum and Quality metrics, with satisfactory Growth but poor Value, and maintains a favorable price trend across short, medium, and long-term periods [6].

Core Insights - Tesla's robotaxi ambitions are generating excitement despite some disappointments in earnings [1] - The market is increasingly viewing Tesla as a tech company rather than a traditional automaker [2][7] Valuation and Market Position - Tesla's price-to-sales ratio is significantly higher than that of other automakers, trading above 16 times earnings, indicating a premium valuation typically associated with tech firms [3][7] - Despite a projected decline in sales this fiscal year, Tesla continues to maintain a high market cap of $1.518 trillion [5][6] Sales and Market Dynamics - Tesla is experiencing sales declines of up to 40% in certain regions, even as overall EV sales rise [5] - The loss of federal subsidies has impacted the EV industry, which previously contributed billions in profits to Tesla [5] Robotaxi Development - Elon Musk has made ambitious predictions regarding the rollout of Tesla's robotaxi service, aiming for "millions" of robotaxis by the end of 2026 [11] - The company plans to expand its robotaxi service to eight to ten cities by the end of the year [11] Competitive Advantage - Tesla's control over its production processes and significant investments in AI position it favorably in the robotaxi market [12][13] - Analysts believe that Tesla's vertically integrated business model and access to capital could enable it to capitalize on a potential $10 trillion global opportunity in autonomous vehicles [15]