DeepSeek, Trump's Plan Steer Agenda at China's Premier AI Forum
The World Artificial Intelligence Conference, which has featured Elon Musk and Jack Ma in years past, was devised to showcase the cutting-edge of Chinese technology. This year's attendance may hit a record as it's taking place at a critical juncture in the US-Chinese tech rivalry.
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- Yahoo
Trump's Former Jobs Data Chief Decries Firing of Successor
(Bloomberg) -- President Donald Trump's firing of the chief labor statistician was criticized by her predecessor, who called it an unfounded move that will undermine confidence in a key data set on the US economy. We Should All Be Biking Along the Beach Seeking Relief From Heat and Smog, Cities Follow the Wind Chicago Curbs Hiring, Travel to Tackle $1 Billion Budget Hole NYC Mayor Adams Gives Bally's Bronx Casino Plan a Second Chance 'This is damaging,' William Beach, whom Trump picked in his first term to head the Bureau of Labor Statistics, said on CNN's State of the Union on Sunday. Trump on Friday fired Erika McEntarfer hours after labor market data showed weak jobs growth based in part on steep downward revisions for May and June. The move by Trump, who claimed the latest monthly report was 'phony,' prompted an outcry from economists and lawmakers. 'I don't know that there's any grounds at all for this firing,' said Beach, whom McEntarfer replaced in January 2024. 'And it really hurts the statistical system. It undermines credibility in BLS.' Studies indicate that the agency's data is more accurate than 20 or 30 years ago, including any revisions of the initial data, Beach said. Even so, he said he'll trust future BLS data because people working for the agency are 'some of the most loyal Americans you can imagine,' making the bureau 'the finest statistical agency in the entire world.' Bank of America CEO Brian Moynihan, speaking Sunday on CBS's Face the Nation, urged the US government to improve its data collection to avoid revisions that engender distrust. 'We watch what consumers really do. We watch what businesses really do,' Moynihan said, while not addressing the politics of the firing. 'They can get this data, I think, other ways, and I think that's where the focus would be.' He noted the revision for May and June data, while not unusual, was one of the largest in seven years. 'That creates doubt around it,' he said. 'Let's spend some money. Let's bring the information together. Let's find where else in the government money is reported.' McEntarfer was confirmed by the Senate in a bipartisan 86-8 vote. Vice President JD Vance, then a senator, voted to approve her nomination. Kevin Hassett, Trump's chief economic adviser at the White House, alleged that the large jobs data revisions were poorly explained and were evidence enough for a 'fresh set of eyes' at BLS. He sought to contradict Beach's portrayal of the agency as politically neutral. 'The bottom line is that there were people involved in creating these numbers,' Hassett said on NBC's Meet the Press. Pressed on whether Trump would fire anyone offering data he disagreed with, Hassett, who heads the National Economic Council, disagreed. 'No, absolutely not,' he said. 'The president wants his own people there so that when we see the numbers, they're more transparent and more reliable.' (Updates with Moynihan comments beginning in sixth paragraph.) How Podcast-Obsessed Tech Investors Made a New Media Industry Everyone Loves to Hate Wind Power. Scotland Found a Way to Make It Pay Off Russia Builds a New Web Around Kremlin's Handpicked Super App Cage-Free Eggs Are Booming in the US, Despite Cost and Trump's Efforts What's Really Behind Those Rosy GDP Numbers? ©2025 Bloomberg L.P.
Yahoo
9 minutes ago
- Yahoo
US trade advisor says Trump tariff rates unlikely to change
New US tariff rates are "pretty much set" with little immediate room for negotiation, Donald Trump's trade advisor said in remarks aired Sunday, also defending the president's politically driven levies against Brazil. Trump, who has wielded tariffs as a tool of American economic might, has set tariff rates for dozens of economies including the European Union at between 10 and 41 percent come August 7, his new hard deadline for the duties. In a pre-taped interview broadcast Sunday on CBS's "Face the Nation," US Trade Representative Jamieson Greer said "the coming days" are not likely to see changes in the tariff rates. "A lot of these are set rates pursuant to deals. Some of these deals are announced, some are not, others depend on the level of the trade deficit or surplus we may have with the country," Greer said. "These tariff rates are pretty much set." Undoubtedly some trade ministers "want to talk more and see how they can work in a different way with the United States," he added. But "we're seeing truly the contours of the president's tariff plan right now with these rates." Last Thursday, the former real estate developer announced hiked tariff rates on dozens of US trade partners. They will kick in on August 7 instead of August 1, which had previously been touted as a hard deadline. Among the countries facing steep new levies is Brazil. South America's largest economy is being hit with 50 percent tariffs on exports to the United States -- albeit with significant exemptions for key products such as aircraft and orange juice. Trump has openly admitted he is punishing Brazil for prosecuting his political ally Jair Bolsonaro, the ex-president accused of plotting a coup in a bid to cling to power. The US president has described the case as a "witch hunt." Greer said it was not unusual for Trump to use tariff tools for geopolitical purposes. "The president has seen in Brazil, like he's seen in other countries, a misuse of law, a misuse of democracy," Greer told CBS. "It is normal to use these tools for geopolitical issues." Trump was "elected to assess the foreign affairs situation... and take appropriate action," he added. Meanwhile White House economic advisor Kevin Hassett said that while talks are expected to continue over the next week with some US trade partners, he concurred with Greer's tariffs assessment in that the bulk of the rates "are more or less locked in." Asked by the host of NBC's Sunday talk show "Meet the Press with Kristen Welker" if Trump could change tariff rates should financial markets react negatively, Hassett said: "I would rule it out, because these are the final deals." Legal challenges have been filed against some of Trump's tariffs arguing he overstepped his authority. An appeals court panel on Thursday appeared skeptical of the government's arguments, though the case may be ultimately decided at the Supreme Court. mlm/des
Yahoo
18 minutes ago
- Yahoo
1 AI Robotics Stock to Buy Before It Soars 758% to $8 Trillion, According to a Wall Street Analyst
Key Points Several Wall Street experts anticipate substantial upside in Tesla stock as the company leans into autonomous driving and robotics. Tesla reported dismal first-quarter financial results as increased competition and CEO Elon Musk's political activities eroded its market share. Musk believes Tesla will eventually dominate the trillion-dollar robotaxi market, and he sees a $10 trillion opportunity in humanoid robots. These 10 stocks could mint the next wave of millionaires › Tesla (NASDAQ: TSLA) shares have declined 25% year to date as the electric carmaker has struggled with weak demand amid growing competition and consumer backlash against CEO Elon Musk's politics. The company is currently worth $976 billion, but several Wall Street experts anticipate substantial upside in the years ahead. Ark Invest analysts, led by Tasha Keeney, think Tesla stock will reach $2,600 per share by 2029. That forecast implies 758% upside from its current share price of $303. It also implies a market value of $8.3 trillion. Wedbush analyst Dan Ives recently told Yahoo Finance that Tesla could be a $2 trillion company within 12 months. That implies 105% upside from its current market value of $976 billion. It also implies a share price of $620. Hedge fund billionaire Ron Baron told CNBC last year that Tesla could be a $5 trillion company within a decade. That implies 410% upside from its current market value. It also implies a share price of $1,550. CEO Elon Musk has said Tesla could eventually be a $30 trillion company as it benefits from autonomous driving and robotics. That implies 2,975% upside from its current market value. It also implies a share price of $9,310. Tesla is one of the most controversial stocks on the market. Investors tend to have binary opinions, either seeing Tesla as an overrated automaker or a revolutionary company poised to reshape the global mobility and labor markets with artificial intelligence. Read on to learn more. Tesla is losing market share in electric vehicles, and Musk warned of rough quarters ahead Tesla ceded significant market share in electric vehicles during the past year as competition increased and CEO Elon Musk damaged the brand with his political activities. The company accounted for just 10% of battery electric vehicle sales through May, down from 16% in the same period last year, according to Morgan Stanley. Tesla reported weak second-quarter financial results. Deliveries decreased by 13%, the second straight drop. Revenue declined 12% to $22 billion, operating margin narrowed by 2 percentage points, and non-GAAP (generally accepted accounting principles) earnings fell 23% to $0.40 per diluted share. Musk also warned that the next few quarters could be rough as the company ramps up its autonomous driving business. "We probably could have a few rough quarters. I'm not saying we will, but we could," he told analysts on the earnings call. "But once we get autonomous to scale in the second half of next year, certainly by the end of next year, I'd be really surprised if the economics are not very compelling." Tesla has substantial opportunities in autonomous ride-hailing services and humanoid robots Tesla has been developing its autonomous driving software for more than a decade. Its vision-only approach (meaning its cars are equipped only with cameras) gives the company a theoretical edge over the market leader Alphabet's Waymo, which relies on a more costly array of cameras, lidar, and radar. Tesla also has more camera-equipped cars on the road collecting data to train the underlying artificial intelligence (AI) models. Importantly, while Waymo is currently the market leader, with commercial autonomous ride-hailing services in five U.S. cities, Elon Musk thinks Tesla will catch up quickly because its vision-only strategy is more scalable. Indeed, the company recently started its first robotaxi service in Austin, but Musk says the coverage area could include half the U.S. population by year-end. Additionally, Musk says Tesla could eventually have 99% market share in autonomous ride-hailing, which itself is forecast to be a trillion-dollar market in about 15 years. Tom Narayan at RBC Capital expects global robotaxi revenue to reach $1.7 trillion by 2040. He also says Tesla could earn $115 billion in revenue from robotaxi services in that year. Beyond robotaxis, Tesla is also developing an autonomous humanoid robot, called Optimus, to revolutionize the labor industry. Robots could be particularly useful in handling tasks too dangerous, tedious, or physically demanding for humans. Musk says Optimus production will hit 100,000 units monthly (more than 1 million annually) within five years. He also says humanoid robots could be a $10 trillion opportunity for Tesla. The Ark Invest analysts, led by Tasha Keeney, built their 2029 forecast around autonomous driving. Robotaxis are projected to account for more than 60% of revenue, roughly $750 billion, while electric car sales account for less than 30%. The remaining portion will come from energy storage and insurance. Keeney did not factor Optimus into the calculations, but her robotaxi estimates are much more aggressive than those from Narayan at RBC. Tesla's valuation looks absurdly expensive, but autonomous driving and robotics could change the narrative Wall Street estimates Tesla's earnings will increase by 20% annually over the next three to five years. That makes the current valuation of 175 times earnings look absurdly expensive. But Tesla bulls think most analysts are underestimating the impact that robotaxis and robots will have on the business. For instance, Ark Invest estimates that Tesla's earnings before interest, taxes, depreciation, and amortization (EBITDA) will increase by over 3,000% to $440 billion by 2029, which implies a compound annual growth rate of about 115%. While I find that scenario highly unlikely, earnings growth of that magnitude would justify the current valuation. Here's the bottom line: Traders who lack confidence in the robotaxi and robotics narrative should avoid this stock. But patient investors who believe Tesla could revolutionize the mobility and labor markets with AI products like self-driving cars and humanoid robots should own a position. Should you buy stock in Tesla right now? The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $624,823!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $1,064,820!* Now, it's worth noting Stock Advisor's total average return is 1,019% — a market-crushing outperformance compared to 178% for the S&P 500. Don't miss out on the latest top 10 list, available when you join Stock Advisor. See the 10 stocks » *Stock Advisor returns as of July 29, 2025 Trevor Jennewine has positions in Tesla. The Motley Fool has positions in and recommends Alphabet and Tesla. The Motley Fool has a disclosure policy. 1 AI Robotics Stock to Buy Before It Soars 758% to $8 Trillion, According to a Wall Street Analyst was originally published by The Motley Fool Sign in to access your portfolio
