All right. Hello everybody. Welcome back to another episode of the market close. It is Thursday, November 6th. It is quite an ugly day in the stock market.

And quite frankly, we had a little bit, just a little bit uh of recovery kind of intraday, call it about two and a half hours ago. And as we get into the close that we're seeing right here, a lot of that recovery is going uh going away. A couple of stocks are holding on to the momentum. Most stocks are not able to hold on to the m momentum after one of the best earnings we've ever seen from Robin Hood. That stock is down almost 11% on the day.

Ugly day. Ugly day for hoodie. Pounder down 7%. Tesla down 3.7. Nvidia down 3.5. S&P uh actually not at the lows. Again, you have individual stocks that are getting hit harder than the S&P 500 right here. The lows was 668. Got a little recovery up to 673. Now we're at 670.5. Looks like we will get a down 1% day, but uh might not be as bad as where it was a couple of hours ago at the absolute lows. And we're going to see in the next 12 minutes as we close out the day.

AMD down 7% 238. SoFi 2744 lost 2850. Grab is somehow kind of holding green. Google is also kind of holding green. You got some good headlines on Google today in the context of new chips for their TPUs. But everything else, Reddit down 6%, Amazon down 2%, Meta down 2%, Salesforce down five, PayPal down two, ELF down 35. I don't think Dolingo has really recovered. Dolingo right here down 26% on the day. You got the VIX obviously that's up 9%. Volatility is indeed elevated. Small caps are down 1.6, six, but everything else is pretty much red.

So, I think the question on everyone's brain is why why are we getting so red? Apple as well holding a bit strong uh as we get into the close. By the way, we have a lot of earnings today that we're going to talk about. We have Soundown, Airbnb, SMR, DraftKings, Open Door Firm, Square, MP, Monster, Pelaton, Texas Roadhouse, Take 2, and a ton of other companies. On top of that, you have the Texas shareholder meeting that should be starting very soon. Um, and then you have a bunch of different macro headlines that we're looking at. We will be watching the IN call or listening to it, but I'll be tracking all the other earnings in real time.

So, what is the real reason for why we're so green or so red? We are definitely not green. Um, well, I think there's a couple things. Number one, well, there there's four kind of core things I'm looking at.

There's a lot of people saying it's just a technical gap fill, and that's fair that it could be as simple as that. If you wanted something more substantive, uh if the Supreme Court ruling on Trump tariffs goes against them, the US would have to refund over a trillion dollars worth of revenue and deals. Uh that chatter is starting to become a lot more apparent to the broader market, which could be an issue. Number two is government shutdown is getting ready to shut down entire airports. You've already had 10% of flights get shut down at some of the most important airports in the country, including JFK. That's not the best thing in the world. Jensen kind of I don't want to say he messed up, but he definitely caused the kurfuffle by saying that China is going to beat the United States in AI. Not the best headline for semiconductor stocks in the United States if they can't sell into China and China's going to be beating the United States on AI. By the way, China's CCP Communist Party yesterday forced tech company. I mean, they've been doing this for a while, but they you just had a reestablishment of them forcing tech companies to be buying Chinese state-based chips. So, kind of adding fuel to the fire on what Jensen said that China is going to get ahead if Nvidia is not allowed to sell. And you know, you get Nvidia down about two-300 billion dollars when you have an announcement like that. And obviously the entire semiconductor market is getting hit as well. And then you had what I think is actually the broader reason for why we're getting some pain. The worst October for layoffs since 2003. The government is closed, but we are seeing some third party data around layoffs. Uh and it's obviously not pretty right here. Challenger, which is a third party firm, they came out and said warehousing and technology sectors led last month's surge, but there were 175,000 layoffs in the month of October, the highest since 2003, which obviously is not the best thing in the world.

So, you got the most amount of layoffs we've seen in over a decade. You've got Jensen not questioning the AI trade, but definitely getting investors to question the United States role in the AI trade, whether or not that deserves to be questioned. You have the government shutdown accelerating more pain across the entire ecosystem of people that work inside of the government that don't have an income. And obviously, that's going to hurt earnings if they can't actually spend their income because they don't they're not getting any income in the economy. And then you have the Supreme Court ruling on the Trump tariffs that could be going against them, which also is causing some pain.

And as a result, you got Robin Hood down 11%. BMNR, I think, is at 36. BMR 3746, that's down 10%. Ethereum and Bitcoin really haven't been cooperating today either. Ethereum 3,200 basically 3,300, 3298, and then Bitcoin right here is at 100.7. Bitcoin didn't go below 100 today, but you know, obviously it does feel like it could lose 100 at any point.

So, it's an ugly day. It's one of those days where there's not much you can say other than it's ugly and we have a lot of earnings after the bell. We're going to see how these earnings turn out on a day when things are bad. As you can see, all the companies that have earnings. Openoro down 7%, SMR down 13%, Affirm down six, Square down three, Archer down seven, Monster down two, Airbnb down one, TTD down three, and then INEN down 12%. A lot of these names also in that heavy momentum trade. So, the fact that they're getting hit right now makes sense. And, you know, hopefully their earnings can turn things around, but if they don't turn things around, then it's just a kind of crappy day for them to be able to uh report earnings.

On top of that, you had Sam Alman. So Sam Alman had a Bill Aman post today and he said a lot of stuff obviously because the OpenAI CFO came out and said that they are looking for the government to kind of backs stop some of these federal loans. He then had to come out and clarify that that's not what they're actually saying.

So it's a very very long post. I'm honest honestly I didn't read the whole thing but the the part that he did say and the beginning paragraph was we believe that government should not pick winners or losers and that taxpayers should not bail out companies that make bad decisions or otherwise lose in the market. What we do think might make sense is governments building their own AI infrastructure, but then the upside of that should flow to the government as well. We can imagine a world where governments decide to offake a lot of computing power and get to decide how to use it and it may make sense to provide lower cost of capital to do so. Building a strategic national reserve of computing power makes a lot of sense, but this should be for the government's benefit, not for the benefit of private companies.

I think that's absolute BS. He is obviously, if you read between the lines, making the point that the government should invest or fund or whatever word you want to use, whatever verb you want to use to make the argument into compute. What does open AAI need a lot of compute? And so, yes, they're not literally saying government give us loans, but they're definitely implying the government should make sure there is a way to uh ensure that compute is a quote unquote national security target. And as a result of that, companies like OpenAI would be the main beneficiaries.

He also said and I thought this was actually the most interesting thing that he said in his post. We expect to end this year above 20 billion in annualized revenue run rate. Uh Street was expecting around 13 billion. So they are ahead of those estimates and grow to hundreds of billions by 2030. We are looking at commitments of about 1.4 trillion over the next eight years.

So he's at least giving some level of hey I know we said we're going to spend almost a trillion and a half but if we're gaining hundreds of billions of dollars of revenue it's not like we're spending that much of an egregious amount of money because we're getting the ROI to justify it which is actually very important and obviously bullish Nvidia but nonetheless uh this is something that's not necessarily happen helping the AI trade in the short term even though long term that's probably a good thing if openi were to generate hundreds of billions of dollars of revenue

I ran right there down about 11% on the day Airbnb down about 1.4% as we get into the close. We got 6 minutes until the market closes. S&P 500 down 1% as well.

US judge orders Trump administration to fully fund SNAP food and benefits by Friday. All right. So, you've got a lot of these federal judges that are not allowing United States citizens to not get the benefits from SNAP. For those that are international, SNAP essentially covers food stamps, which is a program in the United States that allows people that are very low income to be able to get food uh subsidized by the government. Obviously, the government is shut down. So, the question is, how are people going to eat? Well, a US judge has just ordered that the Trump administration has to find a way to fund it even if the government is shut down.

And that is just one, I guess you could call it, uh, reason for why the government shutdown hopefully comes to an end because Democrats and Republicans come together and they realize like if they're going to get if if if the federal judge is going to force them in a variety of different circumstances to fund the government, they might as well come together and fund the government. But number two, it means that there's no negotiating chip that either side has because some of these things are just not going to hold up in a court of law. And you know that brings up the question around tariffs which we're going to get some details on over the coming weeks. But obviously if that gets reversed and that's not going to be the best thing for the United States either.

Rocket Lab right here down 12% on the day. Again, a lot of momentum names. There's really no safety. I'm not seeing any safety across the board. And the problem with not having any safety is just that when things get hit that bad, they get hit and they get hit in a pretty pretty ugly way.

Uh the other thing that I thought that was also really important that we saw today here is this argument on uh the 10-year bond. So bond yields started getting a little bit more momentum. And the reason bond yields started getting some more momentum now they're starting to go a little bit more down on the day as you can see right here uh below 4%. One of the number one reasons um is because people are freaking out that if we're not going to get this rate cut, then there might be something that we have to do in terms of navigating the private credit market. Or if we are going to get the rate cut, then we need a better yield on bonds. So, we're going to sell off bonds if we don't have the capacity to be able to say that the the 4% the government's giving us is good enough because if we're cutting rates anyway, then we might as well lock in a different type of yield.

As you can see right here, 68.9% on this uh December rate cut probability. really doesn't make a lot of sense to me that it's anywhere below 85% given the layoff report that we saw this morning. Worst layoff since 2003, but nonetheless, that one is at 70%.

All right. So, we got three minutes until the market closes. Let's do a poll right here in the chat and see what people think on what pumps or dumps. Uh we have a lot of stocks. Uh this poll which one outperforms uh which one outperforms today? We have INE. Let's do MP. Let's do Archer. And let me know which of these names you guys own. And then what's the other one? H let's do Open Door. Let's put Open Door in there. Got a lot of different names from a lot of different sectors.

By the way, Robin did talk about the AWS issues that they had. Someone asked a question about it. I don't fully remember the response, but Vlad did respond to it immediately and talk about some of the issues and what they're working on to make sure that that doesn't happen again.

I know we got a lot of people that are Ironbulls. We got Sound. We have tons and tons of different companies that we are going to get reporting today. The Tesla shareholder meeting will be happening at the same time as well. And yeah, as Benny says, it's a tough day to report, dude. It's just a tough day to report. I mean, the fact that Robin Hood put up those numbers and down 12% on the day. It It just means momentum is getting flushed out and sometimes that happens, but this is the reality of the markets and it's definitely an ugly Thursday in November, but nonetheless, that's how it's happening.

See a lot of people saying sound. See a lot of people said they bought the dip on BMR. See a ton of elves in the chat. A lot of INS TTD, that one took that one's down 3%. That one took a hit uh over the past month. SMR, a firm, a lot of those companies are reporting today as well. DraftKings, they signed a big deal with ESPN. So, we're going to get there. DraftKings is actually a little green. One of the only names that's green, but we're going to see a bunch of those stocks as they report today.

All right, folks. Here we go. Thank you everybody for being here. We got a lot of different headlines that we'll be trying to cover as we get into the close, including this Tesla shareholder meeting along with earnings, uh, crypto, and macro, and we will keep going from there. Thank everybody for being here. It is Thursday, November 6th, 400 p.m. The stock market is now closed.

All right, here we go. Here we go. What a day. Tesla ends down three and a half%. American Airlines down 2%. Open Door down 9%. PayPal down 2%. Snapchat was up 22%. It ended up 9%. At least it was green. S&P 500 was down 1% on the day. Disney was down half a percent. Arc Innovation was down 4%. Meta was down 2.6. Coinbase down seven, lost 300. AMD down 7%. Netflix down about half a percent. Square was down 3.6. Roku was down 1%. Then DraftKings actually up on the day. Palunteer ended down 6.84%. Robin Hood ended down 10.81%. Grabby Grab ended 18% down. So it end down it was down about 1 cent. Oaklo down 11% on the day. Eli Liy was up about 1% because of that deal with Nova Nordis that Trump had in the Oval Office. Marll was up a little bit on the day. Figma was actually up 4%. They had a great earnings. Then Google ended up green on the day. The Q's were down about 1.86%. NASDAQ took a nasty beating, much worse than the S&P 500 as its leverage technology. Nvidia, did we get a 185 or at least close? We got a 188 close. So, Nvidia down 3.65%. Um, down about seven bucks on the day, but Nvidia closing above 185.

All right, earnings, earnings, earnings. Let's get into it. These are the companies that we've got. We'll see what after hour moves. Trade up 10%. Tradeesk is up 10%. You got to move on TTD. It's giving you a little bit of something again. Trade has been hit really hard. Fell from 120 to 40, then got from 40 to 80, then came all the way back to 40. Now it's at 51 after hours. This one's just been a stock that had a lot of pain, especially in the advertising space.

Let me see if I can get those numbers and then we'll get into the other companies that we have. Trade desk. Wow. Beat by 2% on EPS. Beat by 3% on revenue. 45 cents versus 44 cents expected on EPS. Revenue 739 versus 719. EPS is up 10% year-over-year. Revenue is up 18% year-over-year. You do have a 9% move right there on the trade desk as that is green.

Iran. Um, Iran is up two. We got a little bit of juice right there on Iran. Iran up 3%. Don't have the numbers yet on Iran. Oh, no, we do. I uh, okay, revenue, it looks like they beat by 5%. Uh, uh, 240 versus 228. I don't have an EPS number. I don't have EPS. Did EPS come in flat? I'm not seeing any move on EPS. I'll try to get that in a second. TTD is fading now. There's that red candle right there after hours. Was up 10. Now it's up four.

Pelaton also has earnings today, which they also had a recall of 800,000 bikes because of a technical issue. So, yeah, that headline today. Uh, Open Door is down 1.3% after hours. Iran now fading. I don't see an EPS target on Iran. Let me see if I can get in a second, but don't have the yet. Square don't have their numbers. That's up 1.4%. Pelon's up 3.4. Texas Roadhouse flat. Airbnb is flat. Archers up one. SMR is uh up two and a firm is flat. Airbnb is now moving. Airbnb you got 5% move a little bit on Airbnb.

Sound don't have numbers yet. We do have Sunun if anyone cares about that. Uh 6 cents versus 14 cents EPS missed by 57%. 724 versus 601. They beat by 21%. Revenues up 35% year-over-year EPS up 116%. This is a solar panel company, right? Sunun up 3% after hours. Either energy or solar or panels. One one of the two. I think it's in that niche. I've heard of this company a while ago, but that one did miss on EPS. They beat on revenue.

Sound, I don't have their numbers yet, but that's down 2%. Airbnb just got it. Airbnb missed by 4% on EPS. 221 versus 231 expected. Revenue was a slight beat at 4.09 versus 4.08. Revenue is up 10% year-over-year. EPS is up 4% year-over-year. Airbnb is up 2.8. Correct. They're solar. Okay. So, they are solar. They missed on EPS by 57%. Airbnb um missed by 4% on EPS. That stock it's up 2%. Nothing too crazy on Airbnb.

Iren is running a little bit. Okay. Iran is running 5%. Let me see if I can get some more accurate numbers on Iran. Um, yeah, this is weird, dude. No one has the source for EPS. How is EPS not out, but revenues out? How does that make any sense? Revenue is 240 versus 228. Let me go to their website. Where the hell is the earnings per share? I don't see it yet. We are getting a move after hours 71 that's up 6%. Uh I ran website. Yeah, I renit's down too. It's not loading for me. 504 gateway. Okay. D I rent. Bro, you guys are spamming that website trying to get these numbers. That one's not showing it right now.

sound nuked 9% down on Sound. Oh, Absela also has earnings today as well. Uh, Abselera down 5% after hours. It was down three now down 7%. It was down 3% in the day, down 7% right here. I'll see if I can get their numbers in a second. Absel right there down about 7%. US AR is getting wrecked. Don't have their numbers yet, but US wow down 9%. All right, that doesn't look the best for MP. That's also going to put up numbers. MP's only down half a percent, but US in that rare earth space is getting hit. Iran, the only stock that's really seeing any green after hours.

Sound? Okay, Sound. Wow. Missed by 200% on EPS. They lost 27 cents versus 9 cents expected. Revenue was 42 versus 40. They beat revenue by 4%. Revenue is up 68% year-over-year. EPS is down 350% year-over-year. Why are these guys losing that much money? I don't know. But that is definitely an ugly miss for uh Soundhound.

That's gonna get Look, yeah, if you're not profitable and if there's a lot of momentum driving your stock and not a lot of earnings, I mean, on a day like today, it's uh it's not the prettiest. But I but I am confused, dude. Why are they missing EPS by 300%. That is like that there's an issue. feels either structurally or maybe there's a tax accounting thing but missing like in a world in which most companies are beating EPS by double digits missing by triple digits is a bit weird

MPs down 1.2 to trade now goes red. Tradees now goes red. Expedia bookings grew by 12% driven by a 26 in 26% increase in B2B B toC gross bookings grew by 7%. Expedia stock after hours is up 9%. Weird day. You got some travel stocks going up, a lot of other consumer stocks going down, but you got Expedia at least getting that move after hours showing the travel sector might not be in the worst situation.

Open Door is down. Oh boy, that is a dump. That is a dumpy dump. That's down 12%. Let's see if it can recover.

I do have MP materials. They beat by 38% on EPS10 cents versus negative6 cents expected. Revenue 53.5 versus 53. Revenues down 15% year-over-year. EPS is up 17% year-over-year. So MP does have a double beat.

Open door down 14%. My goodness, dude. What did these guys say? What did these guys say for it to be that bad? See if we can get the numbers. Uh ah that's uh not pretty. Not pretty. 71% miss on EPS. Negative 12 cents expected. Negative 12 cents versus negative.7 cents expected. 915 versus 8.82. They did beat on revenue. It's not a bad beat by almost 40 million on revenue. Beat by 4%. Revenue is down 34% year-over-year. My goodness. Revenue is down 34% year-over-year. EPS is down 9%.

Okay, so this is obviously not a growth stock because they're not really growing anything yet. There's probably some other metrics they are growing that might not be kind of topline bottom line numbers that Wall Street looks at. Uh 71% miss is a bit aggressive. Now I I I believe they are gross profitable. They're not gap profit or no sorry they're profitable on an adjusted EBID basis not on a gap basis which you know companies over time as they can scale their models can get to that gap profitability but that is a bit more than the street expected. It was down 14 now it's down eight. You have a ton of people coming in and buying the dip on open door.

Oh my goodness. GTA 6 delays release until November 19th, 2026. Take Two is down 8%. Someone asked me in the morning, "What do you think of Take Two?" And I I think the literal response I gave was, "It all depends on GTA." And I don't know enough about video games or the timing of that video game in particular to understand if uh the stock is worth buying because I don't know if there's going to be delayed. I don't know how successful the game is going to be. But I do know that game is everything for Take Two. Wow, dude. Take they delayed it by six months. Goodness gracious. November 2026.

Square, that's down 4%. Square is down four right here. I'll see if I can get those numbers as well. Uh again, Expedia, one of the names that's doing well after hours. Take 2 getting hit pretty bad as a result. I don't have DraftKings yet as a result of this GTA stuff. Square. Wow, they missed by 21% on EPS. 54 cents versus 68 cents expected. And then 6.1 versus 6.3 billion. Dude, I mean, a lot of tech companies last week were not missing by double digits. Almost every company today is either missing or they're missing badly. Why is Square missing EPS by 21%. Why is revenue up 2% year-over-year? Why is EPS up two? Like this is this is supposed to be one of the most important fintexs, at least in America. Cash App is the number one app on the app store. Goodness gracious. EPS up 2%, revenue up 2%, missed on the top and bottom. Square right there down 1.72%.

a firm, wow, beat by 109% on EPS. 23 cents versus 11 cents expected. 933 versus 883 million on revenue. Beat by 50 million on revenue by 6%. Revenue is up 34% year-over-year. EPS is up 174% year-over-year. Uh stocks not moving like crazy, but that looks like a very strong topline bottom line beat on EPS.

Okay, Irene's up 3%. Do we have the number yet for EPS? Do we have the number on their earnings per share? Yes. Uh A$18. A dollar8 versus nine cents expected. That's a,000% beat on EPS if that's accurate. Is that what you guys have? That's what I have. That's what I'm looking at. I ran a,000% beat. Now again, that dollar rate, is that because of Bitcoin, Fazby stuff? Is that because of something accounting or is that actually because the data center business had margins that allowed them to beat by that level? If they did, then that's a hell of a beat. That's a hell of a beat. If it's some accounting thing, then it is what it is.

Uh, Dropbox beat by 14% 74 cents versus 65 cents expected on EPS 634 versus 623 million on revenue. So, you do have Dropbox getting a beat on the top and the bottom. That stock is up 5.4% after hours as well.

>> my name is Brandonheart I'm the general counsel and corporate secretary and >> The audio sucks on their side guys it's not that good for me so I don't think it's that good for you I'll see if I can get a better stream but this is on the main Tesla website. The audio is not really the best. >> Similar to last year, this meeting will have two parts. We'll go through the 14 ballot items and the second part, Elon Musk.

Well, good afternoon everyone. It's wonderful um to welcome you all to the 2025 annual shareholder meeting. I apologize for the my voice. I've been speaking to investors for the last couple of weeks, non-stop, I think. So, we here at Tesla could not continue to do the impossible without you, our shareholders. Our ongoing engagement with you all makes what we do possible. And I'm thrilled at how many of you made your voices heard this year as we aspire to create more value than any other company in history.

Tesla is at an inflection point. I think I've said that 3,000 times over the last few weeks. And this last year has been a critical one in our history. I want to take some time to review the acknowledgements and achievements by the Tesla team of which I and my fellow directors are incredibly proud of. We continue to redefine the automotive industry across production, customer experience, and ownership. Model Y was once again the bestselling vehicle worldwide of any vehicle in 2024. And with the new Model Y released earlier this year, it's now better than ever. Our energy business continues to reach new heights. And we deployed 31 gawatt hours in 2024, more than double what we achieved in 2023. The installed base serves as the platform for our future value. And that creation over time Tesla will achieve through services such as robo taxi and virtual power plants powered by our realworld AI.

In 2024, through the use of our products, Tesla consumers avoided releasing nearly 32 million metric tons of greenhouse gas emissions. And this is a 70% increase year-over-year. Our vehicles consistently achieve the highest safety standards uh when tested across the world and that safety is increasingly enhanced with autopilot technology. In 2024, our global fleet of vehicles experienced one crash after driving more than 6.8 million miles. That's amazing. 6.8 million miles. And to put that in context, that is 10 times better or safer than the average driver in the US. 10 times better.

To our amazing employees, thank you for all of your hard work in achieving our mission. You are the beating heart of Tesla and we cannot continue to deliver without you. to the management team who never get a shout out. Thank you for your huge efforts. To our shareholders, all of you in the room and on the webcast globally, once again, thank you for your support. Please know that we are listening to you and are here to represent your interests.

>> Thank you, Robin. I will now call the meeting to order. It is 3:25 p.m. and I declare that the polls are now open.

Based on the proxies that we have received and the votes submitted at the meeting, I'd like to announce these results on a preliminary basis. With respect to the shareholder proposals items 8 through 14, our shareholders have supported the recommendations on this Tesla board on all of them other than proposal 12. With respect to proposal seven regarding XAI. While we have received more votes in favor than we did in against, there were a significant number of abstensions. Since this is an advisory vote, the board will examine the next steps in light of this level of shareholder support.

Now, moving on to the Tesla proposals. First, on the proposal to adopt amendments to our organizational documents to eliminate certain supermajority voting requirements, our shareholders have not approved. Second, on the seon pay advisory vote, our shareholders have approved. Third, on the ratification of the appointment of Price Waterhouse Coopers as our Tesla's independent registered public accounting firm for the 2025 fiscal year, shareholders have approved. Fourth, on the election of our three class 3 directors, Ira, Joe, and Kathleen, our shareholders have reelected them. Fifth, on the amended and restated 2019 equity incentive plan, our shareholders have approved. Sixth, and finally on the 2025 CEO Performance Award to our founder and CEO, Elon Musk with over 75% voting in favor. Approved.

>> Thanks, guys. Uh first of all, I'd like to just give a heartfelt thanks to uh everyone who supported the the shareholder votes. Uh I super appreciate it. Thank you everyone. and uh and and and what we're about to embark upon is not merely a new chapter of the future of Tesla, but a whole new book and I'm going to talk about that.

Optimus is a fundamental part of a that. The the sheer scale of Optimus I mean I guess a way to think about is that uh every human on Earth is going to want to have their own personal R2-D2C3 video. I think there could be tens of billions of of Optimus robots out there.

you know, people often talk about like eliminating poverty, giving everyone amazing medical care. Well, there's actually only one way to do that, and that's with the Optimus robot. with with humanoid robots you can actually give everyone amazing medical care. Uh so uh in terms of optimist will be more precise optimist will ultimately be better than the best human surgeon with a level of precision that that isn't possible that that that is beyond human.

now and and and things do get kind of wild from an economic standpoint Um because at a certain point uh with AI and robotics you can actually increase the global economy by a factor of 10 or maybe a 100. Um there's there's not like an obvious limit. Uh so um like Optimus is kind of like an infinite money glitch. uh so uh I guess what I'm saying is hang on to your Tesla stock.

you know when we started Tesla the the goal was to accelerate the advent of sustainable energy and that is uh that's what we've done and Tesla has really led the way in with with electric vehicles with battery packs uh with a lot of solar and uh many other companies have have then followed our lead and done that and electric cars which used to be uh non-existent are now prevalent. Um but obviously now with with AI and robotics, uh we need to update our mission. Um and our mission um I think it's a good it's it's the it's a great mission which is to achieve sustainable abundance

we've got, you know, millions of of Tesla cars out there that are the kind of like puss and boots that they're intelligent, but people don't know that they're intelligent. They look like normal cars, but actually they're super smart and can drive themselves.

and and and now with version 14, we're actually getting to the point where we're almost feel comfortable allowing people to text and drive, which is kind of the killer app because that that's really what people want to do and do do. Um and uh but I'm confident that in the next month or two uh we should we we're going to look closely at the safety statistics but we will allow uh you to um text and drive essentially.

and then we've got the the the first car that is specifically built for, uh, unsupervised full self-driving to to be a robo taxi. It's called a cyber cab. It doesn't even have pedals or steering wheel. Um, yeah. So, no, there's no side view mirrors. There's no Yeah. So it's it's and and it's it's very much optimized to min for for the lowest cost per mile in in an autonomous mode. Um and that production is happening right here in this factory and we'll be starting production in April next year.

the ingredients when you look at at at what Optimus is what's required to make Optimus and the various ingredients uh what do you need to do to make to do high volume uh humanoid robot production uh I think it's worth considering that really the cars we make are already robots but there four-w wheeled robots. So Tesla is already the biggest robot manufacturer in the world because every car we make is a robot.

There's really three things that are super difficult about robots. One is the engineering of the forearm and hand because the human hand is an an incredible incredible thing actually. It's super dextrous. So, uh engineering the hand really well, the uh real world AI and then volume manufacturing, those are generally the things that are missing. One or more of those things are missing from other companies. Um so Tesla is the only one that has all three of those.

you know, next year we saw production with Optimus version 3. Uh this what you're seeing here is Optimus version 2.5. Optimus 3 is is an incredibly good good design. The Tesla engineering team is amazing. Um, when you see Optimus 3, yeah. Uh, you it will seem as though that there's someone like like a a person in a robot outfit. Um, which is how we started with Optimus. Um, really is going to be something special. Um, and then Optimus uh, Optimus 4, you know, that that that hopefully starts production in 27 and then Optimus 5 in 28. So, it's kind of like an annual release cycle with significant improvements uh, with each one and and gigantic increases in the scale of production.

I've been putting a lot of time into the new Tesla chip design, um, because in order to have a functional robot, you have to have a great AI chip. Um, and it needs to be an inexpensive chip and it needs to be very power efficient. So we we we believe the uh AI5 chip will be probably about a third of the power of uh say something like a Blackwell um an an Nvidia Blackwell which is a great a great chip um for roughly comparable performance um and about and and much less than 10% of the cost.

So this this chip will be um made in basically in four places uh TSMC Taiwan, Samsung Korea, TSMC Arizona and TSMC Texas. and and and we already know what improvements to make for AI6.

even when we extrapolate the best case scenario for chip production from our suppliers, uh it's still not enough. So I think we may have to do a Tesla Terraab. So, it's like giga but way bigger. I I can't see any other way to get to the volume of chips that that we're looking for. Um, so I think we're probably going to have to build a gigantic chip app.

and then starting next year we uh we manufacture the Tesla semi. So this this is already we already have a lot of um prototype Tesla semis in operation. Uh Pepsco and other companies have been using the Tesla semi for quite some time. Um, but we will start volume production uh at our um Northern Nevada factory uh uh in 2026. So, we got we got two big products or three three massive products starting production next year. We got Optimus, we got uh Tesla Semi, and we got the Cyber Cap

>> Well, we we have done that a few times. Um, I guess uh I guess we could extend it again. Um, all right. We'll extend it. We'll we'll extend it for at least another quarter.

>> the what we're we're going to try to we're going to push to expand vehicle production as fast as we possibly can. Um so aspirationally would aim to increase vehicle production by about 50% by the end of next year.

>> the product unveiled uh will be of of of the Roadster 2 which will be very different from what was shown previously. Uh that that demo event will be April 1st of next year. I have some deniability because like I could say I was just kidding. Uh but uh we are actually tenatively aiming for April 1st uh uh for this what I think will be the most exciting whether it works or not uh demo ever of any product and then um I guess production is probably about a you know 12 to 18 months after that.

>> Yeah. I mean it's not like uh immediate um but if you say it down the road uh would you be able to say with a neural link have a snapshot of or at least an approximate snapshot of somebody's mind and then upload that approximate snapshot to uh an optimist body. I think I think that at some point that technology becomes possible. Um, and it it it it probably less than 20 years. Yeah.

>> Well, I mean, I think actually long term, uh, the AI is going to be in charge to be totally frank, not humans. Um, if if if if artificial intelligence vastly exceeds the sum of human intelligence, it is difficult to imagine that that any humans will actually be in charge. So, we just need to make sure the AI is friendly.

>> But then the one of the things we could do is when the car is idle is use the car as a massive distributed uh uh AI in in inference fleet. So um you know with the consent customers we're like do you want your car to earn money for you while it's sitting in your garage at night? you know, um I don't know, we'll pay, you know, $100 a month or $200 a month or whatever the right number is, uh if you allow te Tesla to do, uh AI inference workloads, uh when you're not using your car. Um so, and that will also help the AI in the car not get bored. Um so, because like I sort of imagine like what if I got stuck in a car? you know, and then well, and the highlight of your day was driving. It's like, you know, but they don't always want to drive, so then what do you do the rest of the time? Um, so so so I think Tesla could actually end up having the the largest uh the Tesla might end up having the most amount of AI inference compute uh in the world.