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CTV News
2 hours ago
- CTV News
L.A. protests inch Elon Musk back to U.S. President Trump
Tesla CEO Elon Musk listens as U.S. President Donald Trump speaks to reporters in the Oval Office of the White House on May 30, 2025. (via CNN Newsource) Last week, Elon Musk was calling for U.S. President Donald Trump's impeachment. This week, Musk is back to praising the administration, softening his tone after the two powerful leaders' very public breakup. The whiplash came as protests erupted in Los Angeles over actions by Immigration and Customs Enforcement officers and immigration raids. Over the weekend, Musk deleted some of his most incendiary X posts about the president, including the call for his impeachment and the allegation, without providing evidence, that Trump's name appeared in documents related to the crimes of convicted sex offender and financier Jeffrey Epstein. Musk appeared to wholeheartedly support the Trump administration's stance on the situation in Los Angeles, adding American Flags to a post from Vice President JD Vance about how the 'president will not tolerate rioting and violence.' Musk has long supported closed borders, stopping illegal immigration and deportations, in alignment with the Trump administration. The tech billionaire posted a screenshot of a Truth Social post from Trump that said California Gov. Gavin Newsom and Los Angeles Mayor Karen Bass 'should apologize to the people of Los Angeles,' as clashes have broken out, cars have been set on fire and demonstrations intensify. He also wrote 'cool' to a video of Vance speaking in an interview, saying he thinks 'if Elon chills out a little bit everything will be fine.' And the Tesla CEO re-followed White House Deputy Chief of Staff Stephen Miller, considered one of the lead Trump administration officials on immigration policy, whom he had unfollowed on Thursday in the midst of his blow up with Trump. The move was especially notable considering Miller's wife, Katie Miller, had recently left the White House to work with Musk full time and the couple had regularly socialized with Musk outside of work. That lead to gossip among White House aides and rounds of speculation about how the fallout could impact the political fortunes of one of the most powerful couples in Trump's Washington. Katie Miller did not respond to a request for comment. Musk at one point fact checked his own AI chatbot Grok, which appeared to confirm as authentic a viral image that seemingly showed Musk writing a post that appeared to say 'Just like I took your wife' in response to Miller. 'No, it's fake ffs 🤦♂️ I never posted this,' Musk wrote in response to Grok. That doesn't mean it was all back to positive vibes from Musk this weekend. He continued to speak out – albeit in a more subtle manner – against Trump's domestic policy bill that passed the House and is now being considered in the Senate. On Sunday Musk replied 'Correct' to a user who wrote 'Musk's fight with Trump is neither a stunt nor distraction.' The same day he also reposted an article from the satirical site The Babylon Bee, titled 'Republicans Announce Plan To Keep Doing Opposite Of What Everyone Voted For Them To Do.' Musk had blasted the president's sweeping 'One, Big, Beautiful Bill' last week, arguing it would undermine much of what his Department of Government Efficiency team had done to cut federal spending and the deficit. The Trump administration had denied that the bill would add to the deficit, despite numerous nonpartisan organizations saying it would add trillions of dollars to America's debt. But Wall Street analysts are so far breathing slightly easier – as they hope whatever delicate détente holds out. 'While we do not expect Trump and Musk to be back to their Mar-a-Lago connected at the hip days, it would not be a surprise to see Trump and Musk slowly mend the fences (with the help of intermediaries behind closed doors) over the coming months,' wrote WedBush analyst Dan Ives. '[A]t the end of the day Trump needs Musk to stay close to the Republican party and Musk needs Trump for many reasons including a green light on a federal framework for autonomous [vehicles].' Tesla's stock has recovered somewhat but still remains well below where it started Thursday before the public breakup. Article by Hadas Gold.
Globe and Mail
2 hours ago
- Globe and Mail
Why Tesla Stock Was Slumping Again Today
Tesla (NASDAQ: TSLA) stock had a rough week last week, dropping nearly 15%. Shares fell again today with its robotaxi launch in Austin, Texas, coming soon. While the company hasn't confirmed the specific June date for the launch, reports say it could be Thursday, June 12. One Wall Street analyst thinks investors are going to be disappointed by the much-hyped event. That helped push Tesla stock lower by as much as 4.5% early Monday. Shares had recovered from that drop and even turned slightly positive at 12:33 p.m. ET. Tesla's self-driving technology needs to impress Baird analyst Ben Karrow downgraded Tesla shares from a buy to a hold rating for reasons that include high expectations for the upcoming robotaxi launch as well as the very public feud CEO Elon Musk had with President Trump last week. Regarding the robotaxi introduction, Musk has said much of his company's value should be based on Tesla's self-driving technology. Investors anticipating that event have helped push Tesla stock higher by more than 12% in the past month, even including last week's decline. The Baird analyst thinks lofty expectations for the event are already built into Tesla's share price. He also cited uncertainty and potential blowback from the public spat between Musk and President Trump, reports Barron's. Tesla needs government support in the form of favorable autonomous driving regulations, among other matters, beyond any electric vehicle (EV) credits that have been used to help spur demand for its products. Tesla's robotics head leaves company More news came from the EV leader this weekend, too. Milan Kovac, Tesla's executive in charge of Tesla's Optimus humanoid robotics segment, said on Friday that he is moving on from the company. He started at Tesla in 2016 and reported directly to Musk. Kovac expressed confidence in Tesla's future, and Musk thanked him for his "outstanding contributions." That just adds more uncertainty for investors, though, as Optimus is another key future catalyst for Tesla. For now, all eyes will be on the robotaxi news coming soon. Don't miss this second chance at a potentially lucrative opportunity Ever feel like you missed the boat in buying the most successful stocks? Then you'll want to hear this. On rare occasions, our expert team of analysts issues a 'Double Down' stock recommendation for companies that they think are about to pop. If you're worried you've already missed your chance to invest, now is the best time to buy before it's too late. And the numbers speak for themselves: Nvidia: if you invested $1,000 when we doubled down in 2009, you'd have $367,516!* Apple: if you invested $1,000 when we doubled down in 2008, you'd have $38,712!* Netflix: if you invested $1,000 when we doubled down in 2004, you'd have $669,517!* Right now, we're issuing 'Double Down' alerts for three incredible companies, available when you join Stock Advisor, and there may not be another chance like this anytime soon. *Stock Advisor returns as of June 9, 2025
Globe and Mail
3 hours ago
- Globe and Mail
QCOM Expands V2X Portfolio With Strategic Buyout: Is the Stock a Buy?
Qualcomm Incorporated QCOM recently announced that its subsidiary, Qualcomm Technologies, Inc has acquired Autotalks, a pioneer in the vehicle-to-everything (V2X) communication systems. The V2X system has emerged as one of the key enablers of creating a safer and efficient traffic system. The system facilitates communication between vehicles, pedestrians and connected roadway infrastructure. It creates a robust and real-time information sharing systems that offer alerts related to various road hazards, weather conditions, and traffic signals. The system can also enhance advanced driver-assistance systems and automated driving features. Urban authorities worldwide are aiming to incorporate the V2X communication to optimize traffic flow, enhance public safety, reduce congestion and drive transportation efficiency. Improved connectivity infrastructure with accelerated 5G adoption is a key catalyst for V2X proliferation. Qualcomm is steadily expanding its Snapdragon Digital Chassis product portfolio to capitalize on this emerging trend. The acquisition of Autotalks is a strategic step towards that direction. Autotalks V2X solutions are compliant with global communication standards such as DSRC (Dedicated Short-Range Communications) and C-V2X (Cellular Vehicle-to-Everything). With this buyout, Qualcomm will gain access to Autotalks' comprehensive V2X expertise based on decades of innovation. This will enable Qualcomm to offer an extensive suite of automotive-qualified global V2X solutions for installation in vehicles, as well as 2-wheelers and roadside infrastructure. QCOM Rides on Robust Demand & Portfolio Strength The growing proliferation of EDGE networking that transforms connectivity in cars, business enterprises, homes, smart factories, next-generation PCs, wearables and tablets is a key growth driver for Qualcomm. The company recently inked a multi-year deal with Xiaomi, extending its long-standing partnership with the Chinese smartphone maker. QCOM has been Xiaomi's technology partner in multiple ventures encompassing smartphones, automotive and more. Following the recent deal, Xiaomi is expected to adopt Qualcomm's next-generation premium Snapdragon 8-series in its premium smartphone. The partnership also aims to expand into the domain of EDGE devices, including AR/VR glasses, smart home products, wearables, tablets and more. Aramco Digital, a prominent technology company in Saudi Arabia, is collaborating with Qualcomm to develop leading-edge AI industrial IoT technologies and solutions to drive digital transformation across major sectors nationwide. It has also formed a partnership with e&, a global technology group. The collaboration is expected to focus on the development of advanced edge AI devices and deploy transformation technologies in the UAE's essential sectors, including energy, manufacturing, logistics, retail and smart mobility. These factors show growing traction of Qualcomm's industry-leading capabilities in the smartphone and IoT markets. The company is doubling down on innovation to continue to hold its dominant position in the smartphone industry. It recently introduced the cutting-edge Snapdragon 7 Gen 4 Mobile Platform. The new platform offers 65% improvement in AI performance, ensuring seamless support for large language models and various other AI capabilities. Seamless multitasking and enhanced system responsiveness highlight a significant improvement in CPU performance. Improved framerates and smoother gameplay are facilitated by major advancements in GPU rendering. This will significantly boost the company's commercial prospects in the mid-range smartphone segment. Image Source: Zacks Investment Research Major Challenges for Qualcomm Qualcomm operates in a highly cyclical semiconductor industry influenced by rapid technological shifts and high competition. This demands rapid and continuous investment in technological advancements, which strains the margin. NVIDIA Corporation NVDA is emerging as a major competitor for Qualcomm in automotive. NVIDIA Drive solutions offer hardware and software tools that developers need for autonomous vehicle development. QCOM is also facing stiff competition from Intel Corporation INTC in the emerging field of AI PCs. Moreover, long-time customers such as Apple and Samsung's focus on in-house chip development is a major concern. Qualcomm has a significant presence in China. A vast part of its customers includes Chinese manufacturers, which further clouds the revenue-generating potential owing to the strained bilateral trade relationship with the United States. The imposition of high tariffs can significantly impact Qualcomm's revenue stream. Moreover, Qualcomm has conducted several strategic acquisitions to expand its portfolio to cater to the automotive, AI and IoT markets. Although its aggressive acquisition spree can boost market opportunity, it also raises integration risks. Price Performance QCOM shares have declined 26.4% over the past year against the industry 's growth of 18.7%. The company has outperformed Intel but underperformed relative to NVIDIA. Intel has declined 33.5%, while NVIDIA has increased 18%. Image Source: Zacks Investment Research Estimate Revision Trend of QCOM Earnings estimates for 2025 have decreased 0.25% to $11.81 over the past 60 days, while the same for 2026 has decreased 3.18% to $12.19. This portrays bearish sentiments about the stock's growth potential from investors. End Note Qualcomm is witnessing healthy market traction in the automotive, Android handset and industrial IoT markets. Its new Snapdragon 7 Gen 4 Mobile Platform is already witnessing solid momentum, as major mobile makers such as HONOR and Vivo are set to adopt the chipset. Its efforts to strengthen its business model, revenue diversification, and portfolio expansion through a combined approach of innovation and acquisitions are positive. However, Qualcomm's extensive reliance on China and growing Sino-U.S. trade uncertainties are major concerns. Growing competition in each of its served markets is weighing on margins. Downtrend in estimate underscores investors' growing concern about the company's long-term prospects. With a Zacks Rank #3 (Hold), Qualcomm appears to be treading in the middle of the road, and investors could be better off if they trade with caution. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. Zacks Names #1 Semiconductor Stock It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom. With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028. See This Stock Now for Free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Intel Corporation (INTC): Free Stock Analysis Report QUALCOMM Incorporated (QCOM): Free Stock Analysis Report
