Ives: AI is the fourth industrial revolution — this is just the beginning
Dan Ives, Global Head of Tech Research at Wedbush, unveiled the 'Ives AI 30' ETF, calling this a golden age for AI. He remains bullish on Tesla, cybersecurity, and energy-AI convergence.
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Yahoo
an hour ago
- Yahoo
High-ranking Tesla executive departs after decade-long run at the company: 'It's hard to put into words'
Another longtime high-ranking Tesla employee has left the company. Mark Westfall, who led a team of 50 engineers working on energy products, announced in April that he had left Tesla, Electrek reported. He worked on such projects as Supercharger, Powerwall, and Megapack. Westfall had worked at the electric vehicle pioneer for 10 years. "It's hard to put into words what Tesla has meant to me," Westfall wrote on LinkedIn. "I never imagined the places this job would take me, or the impact I would be able to have." According to Electrek, Westfall left to become director of engineering at Redwood Materials, which itself has many ties to Tesla. The company buys scrap materials from Tesla's battery-manufacturing process, which it then recycles to create new battery materials. Tesla co-founder and board member JB Straubel founded Redwood, and several of its executives are former Tesla employees. Westfall became the latest high-ranking employee to leave Tesla so far in 2025. It has also said goodbye to the head of its Indian market, a vice president of software engineering, the technical program manager for its Cortex supercomputer, and two of its top automotive designers. This mass departure of talent comes at a time when Tesla's business has been slipping. The company's 2025 first-quarter sales numbers are down globally, and its net income dropped 71% from Q1 2024. Overall, however, EV sales continue to grow as more people discover the environmental and economic benefits of switching to an EV. Although some models cost more up front than their gas-powered counterparts, EVs typically have much lower maintenance costs and don't require regular, costly fill-ups. The ownership costs can come down even more when an owner pairs their EV with solar panels, which allow EV drivers to rely less on public charging stations and avoid reliance on the grid for recharging at home. Those interested in solar can save up to $10,000 on installation costs by using EnergySage's free service to compare local, vetted installers. What do you think of Tesla and Elon Musk? Elon is the man Love the company; hate the CEO I'm not a fan of either I don't have an opinion Click your choice to see results and speak your mind. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
- Yahoo
Asian shares rally ahead of US-China trade talks
HONG KONG (AP) — Shares rose in Asia on Monday ahead of the second round of trade talks between Washington and Beijing, due later in the day in London. Tokyo's Nikkei 225 gained 1.1% to 38,137.09 as the government reported that the Japanese economy contracted by 0.2% in the January-March quarter. In South Korea, the Kospi added 1.9% to 2,865.52. Chinese markets rose even though the government reported that exports slowed in May, growing 4.8% from a year earlier after a jump of more than 8% in April. Exports to the United States fell nearly 10% compared with a year earlier. China also reported that consumer prices fell 0.1% in May from a year earlier, marking the fourth consecutive month of deflation. Hong Kong's Hang Seng picked up 1.4% to 24,119.64 while the Shanghai Composite Index climbed 0.4% to 3,397.13. Australia's market was closed for a public holiday. On Friday, stocks gained ground on Wall Street following a better-than-expected report on the U.S. job market. The gains were broad, with every sector in the S&P 500 rising. That solidified a second consecutive winning week for the benchmark index, which has rallied back from a slump two months ago to come within striking distance of its record high. The S&P 500 rose 1% to 6,000.36. The Dow Jones Industrial Average added 1% to 42,762.87 while the Nasdaq gained 1.2%, to 19,529.95. Technology stocks, with their outsized values, led the broad gains. Chipmaker Nvidia jumped 1.2% and iPhone maker Apple rose 1.6%. Tesla rose 3.7%, regaining some of the big losses it suffered on Thursday when Trump and Musk sparred feverishly on social media. Circle Internet Group, the U.S.-based issuer of one of the most popular cryptocurrencies, rose 29.4%. That adds to its 168% gain from Thursday when it debuted on the New York Stock Exchange. U.S. employers slowed their hiring last month, but still added a solid 139,000 jobs amid uncertainty over President Donald Trump's trade war. The closely watched monthly update reaffirmed that the job market remains resilient, despite worries from businesses and consumers about the impact of tariffs on goods going to and coming from the U.S. and its most important trading partners. President Donald Trump's on-again-off-again tariffs continue to weigh on companies. Lululemon Athletica plunged 19.8% after the maker of yoga clothing cut its profit expectations late Thursday as it tries to offset the impact of tariffs while being buffeted by competition from start-up brands. Lululemon joins a wide range of companies, from retailers to airlines, that have warned investors about the potential hit to their revenue and profits because of tariffs raising costs and consumers potentially tightening their spending. Hopes that Trump will lower his tariffs after reaching trade deals with other countries are a main reason the S&P 500 has rallied back so furiously since dropping roughly 20% two months ago from an all-time high. The economy is absorbing the impact from tariffs on a wide range of goods from key trading partners, along with raw materials such as steel. Heavier tariffs could hit businesses and consumers in the coming months. The U.S. economy contracted during the first quarter. Recent surveys by the Institute for Supply Management, a trade group of purchasing managers, found that both American manufacturing and services businesses contracted last month. On Tuesday, the Organization for Economic Cooperation and Development forecast 1.6% growth for the U.S. economy this year, down from 2.8% last year. The uncertainty over tariffs and their economic impact has put the Federal Reserve in a delicate position. In other trading early Monday, U.S. benchmark crude oil lost 3 cents to $64.55 per barrel. Brent crude, the international standard, gave up 5 cents to $66.42 per barrel. The U.S. dollar retreated to 144.42 Japanese yen from 144.85 yen. The euro edged higher, to $1.1422 from $1.1399.
Business Insider
2 hours ago
- Business Insider
Cathie Wood says Tesla is the stock she'd pick if she could only invest in one company
Ark Invest's Cathie Wood said she would invest in Elon Musk's Tesla if she were only allowed to pick one stock. Wood was speaking to investor Steven Bartlett on his podcast "The Diary Of A CEO" when Bartlett asked for her top stock pick. The full interview with Wood aired on YouTube last week. "Because, think about it. It is a convergence among three of our major platforms. So, robots, energy storage, AI," Wood said of Tesla. "And it's not stopping with robotaxis, there's a story beyond that with humanoid robots, and our $2,600 number has nothing for humanoid robots. We just thought it'd be an investment, period," she added. In June 2024, Wood's investment management firm, Ark Invest, issued a price target of $2,600 for Tesla. Wood told Bloomberg during an interview in March that she still stands by her target and expects Tesla's stock to hit $2,600 in five years. Wood told Bartlett that Musk's work with Tesla's Optimus robots would generate productivity gains for the company and create a new source of revenue. Musk said in an interview with CNBC last month that he expects Tesla to make a million Optimus robots every year by 2030. "We expect to have thousands of Optimus robots working in Tesla factories by the end of this year, beginning this fall. And we expect to scale Optimus up faster than any product, I think, in history to get to millions of units per year as soon as possible," Musk told CNBC. Tesla's stock has oscillated between highs and lows in recent months amid Musk's entry and exit from politics. Tesla's stock hit a peak closing price of $479 in December, after President Donald Trump won the presidential election in November. Musk was a prominent backer and supporter of Trump's campaign. Musk's involvement with the White House DOGE office sparked protests and boycotts against Tesla. In March, Tesla's stock fell by over 40% from its record highs in mid-December. This started to alarm investors, who repeatedly told Musk to spend more time on Tesla. Musk said in a Tesla earnings call in May that he would be scaling down his involvement with DOGE to focus on Tesla. Last week, Musk's relationship with Trump seemingly broke down after he criticized the president's " big beautiful bill." Musk also agreed with an X post that called for Trump's impeachment, before deleting it. Trump later threatened to cancel the government's contracts with Musk's businesses, saying it would be the "easiest way to save money in our Budget." Tesla's stock fell by 14% on Thursday amid the spat between Musk and Trump. The company's stock is down nearly 27% year to date. Wood said in a video posted to Ark Invest's YouTube channel on Friday that Musk's quarrel with Trump was an attempt to decouple himself from the Trump administration. "One of the hypotheses out there is that what has happened was partly — not entirely — orchestrated," Wood said. "Clearly, there has been some brand damage to Tesla, which he readily admits, and I think he's trying to disengage from the government and being associated with one party or the other," she continued.
