So talk us through first and foremost what Samsung is. Hi. Hi, Nicks.Of course, the Asian players winning contracts with Openai and Stargate, but this is as the leadership in Washington are really pushing for more domestic manufacturing. Just talk us through it. Well, when you think about it, you have to look at it in the broader context.And for the Trump administration, this would certainly support their goal of propelling investment in Stargate, in open A. I. , in that big data center project that the pre ...

Donald Trump is failing to stop China’s rise as a manufacturing superpower https://t.co/q70dKQf91a https://t.co/GTQL59E0qO ...

The president this morning threatening quote substantial tariffs on any country that doesn't make its furniture in the United States. It comes just days after he announced plans to impose a 30% tariff on upholstered furniture and a 50% tariff on all kitchen cabinets and bathroom vanities. Our next guest is a major player in the furniture industry.Joins us this morning with his outlook. Let's bring in Ethan Allen, CEO for Rukqari. We should note the company's market cap is $736 million.We love having you in ...

Manufacturing & Supply Chain - Ethan Allen manufactures approximately 45% of its products in the US and 75% in North America [1][4] - The company also has manufacturing operations in Mexico and Honduras [1][3] - Ethan Allen's Mexican manufacturing benefits from the USMCA trade agreement, potentially shielding it from tariffs faced by competitors [1] - Maintaining a consistent level of quality across all manufacturing locations, including Mexico and Honduras, is crucial [6] Business Strategy & Brand - Ethan Allen has repositioned its business over the past 20-25 years, reducing the number of manufacturing plants, distribution centers, and retail service centers [2][3] - The company emphasizes its brand promise of classic American furniture and its US-based heritage [4] - Ethan Allen focuses on providing the right products, service, and quality, which are considered more important than just price [5] Market & Economic Factors - Consumer concern over economic conditions and interest rates is acknowledged as a potential impact on the business [7][8][9] - Ethan Allen's strong interior design network and customer relationships help to mitigate the impact of economic concerns [8]

Industry Focus: Semiconductor Manufacturing & National Security - The industry emphasizes the importance of bringing manufacturing, particularly chip manufacturing, back to America to compete with China [1] - National security concerns necessitate the return of defense-related manufacturing [1] Government Intervention & Economic Policy - The industry questions the effectiveness of government intervention, specifically taking equity stakes in companies like Intel while excluding others like Nvidia, deeming it "crony capitalism" [1] - The industry suggests that tariffs on defense and national security-related items are a more appropriate method [1] - The primary goal should remain focused on bringing manufacturing back to America [1]

Strategic Partnership & Manufacturing Advantage - Tesla gains real-world foundry experience at an exceptionally low cost, enhancing chip design capabilities and manufacturing knowledge [1] - Acquiring core manufacturing expertise becomes a strategic advantage for Elon Musk's businesses due to increasing demand for advanced chips [1] - Samsung's new Texas fab will be dedicated to making Tesla's next-generation AI6 chip, highlighting its strategic importance [4] - Partnership presents manageable downside and strong upside potential for both Tesla and Samsung [3] AI Chip Development & Production - Tesla's AI6 chip is scheduled for mass production in 2027 using Samsung's 2nm node (SF2) [2] - Samsung's SF2 yield is currently 40-45%, lower than TSMC's N2 (over 70%) and Intel's 18A (50-55%) [2] - TSMC will make AI5, which just finished design, initially in Taiwan and then Arizona [5] Risk Mitigation & Alternative Scenarios - If AI6 production falls short of expectations, Tesla could shift the order back to TSMC, absorbing resulting delays [3] - Tesla's edge in real-world AI could significantly reduce the risk of AI6 delays [3] Competitive Landscape - Chip design and manufacturing could become a core competitive advantage across Elon Musk's businesses if AI6 reaches mass production smoothly [4] - Samsung may not fully catch up with TSMC in advanced nodes but has discovered a new business model involving customers in the manufacturing process [4]

Summary of Tesla Inc Earnings Call Company Overview - **Company**: Tesla Inc - **Industry**: Automotive, specifically Electric Vehicles (EVs) - **Market Cap**: $1,170,279 million as of July 23, 2025 - **Stock Rating**: Overweight - **Price Target**: $410.00 Key Financial Highlights - **2Q Results**: Slight beat with Free Cash Flow (FCF) near break-even [1][2] - **Deliveries**: FY25 deliveries forecast lowered to 1.53 million, down 14.2% year-over-year [8] - **Revenue**: FY25 revenue forecast largely unchanged at $63.4 billion [8] - **Auto Gross Margin**: FY25 Auto Gross Margin (ex-ZEV credits) increased to 13.4% [8] - **Operating Margin**: FY25 GAAP Operating Margin decreased to 2.9% [8] - **EPS**: FY25 Non-GAAP diluted EPS decreased to $1.37 from $1.58 previously [8] - **Free Cash Flow**: FY25 forecasted at ~$1 billion, up from a previous burn of ~$250 million [8] Core Insights and Concerns - **Outlook Transparency**: Tesla's outlook lacks specific targets on revenues or margins, raising concerns about future performance [6] - **Robotaxi Progress**: Limited information on the current fleet size or performance, despite ambitious expansion targets [6] - **Optimus Production**: Production ramp for Optimus pushed slightly, with a target of 1 million units annually within 5 years [6] - **Market Headwinds**: Elon Musk indicated that the next few quarters may be 'rough' due to demand changes and regulatory environment [6] - **Consensus Direction**: Likely modestly lower, especially for FY26, with updated FY25 EPS 14% lower than prior forecasts [6] Changes to Estimates - **Deliveries**: FY26 deliveries forecast lowered to 1.85 million from 1.89 million [8] - **Revenue Adjustments**: FY26 revenues slightly lower due to lower deliveries [8] - **Operating Expenses**: Increased R&D and SG&A expenses impacting margins [8] - **Free Cash Flow**: FY26 forecast lowered to $2.4 billion from $5.3 billion [8] Valuation and Price Target Methodology - **Price Target Components**: - Core Tesla Auto business valued at $76/share - Network Services at $159/share - Tesla Mobility at $90/share - Energy at $68/share - Third-party supplier at $17/share [19][24] Investment Thesis - **Growth Potential**: Tesla's capabilities in physical AI, robotics, and energy storage present significant growth opportunities beyond traditional EV business [12][13] - **Market Position**: Tesla is well-positioned in data, robotics, and manufacturing, with a strong competitive edge [12][13] - **Risk Factors**: Potential risks include competition from traditional OEMs and execution risks related to factory ramps and market recognition of service opportunities [36] Additional Insights - **Analyst Sentiment**: The consensus rating distribution shows 44% Overweight, 37% Equal-weight, and 19% Underweight [27] - **Long-term Projections**: Forecasts suggest Tesla could sell 4.6 million units by 2030 with a 25% revenue CAGR [26] This summary encapsulates the key points from Tesla Inc's earnings call, highlighting financial performance, strategic insights, and market outlook.

Tariffs and Margin Pressure - Margin pressure from tariffs is expected to increase, creating uncertainty for retailers, manufacturers, and consumers regarding pricing and spending [1][2] - Frontloading is occurring, but domestic manufacturers are also raising prices, creating a dilemma for businesses [3] - The cost of tariffs will ultimately be passed on to the consumer [4] Supply Chain Strategies - Companies should consider absorption, deferral, pricing terms, cost engineering, and alternative supply chains to address tariffs [6] - Alternative supply chains require careful consideration of materials, output, resources, technology, and costs [7] - Africa and South America present potential opportunities for alternative supply chains [8][9] - Erratic supply chain decisions can disrupt a business; a gradual, accommodating approach is recommended [10][11] Retail and Consumer Behavior - Consumer retail is facing uncertainty, with retailers unsure of their future direction [15] - Trade shows are shrinking, indicating a shift towards live selling and direct-to-consumer platforms like Amazon and TikTok [15][16] - The focus is on acquiring new customers, upselling to existing ones, and increasing purchase frequency [16] Holiday Season Impact - Holiday inventory is expected to be unaffected by the tariffs at the moment [12][14] - Businesses should not become complacent and should continue to develop alternative strategies [14]