Tesla (TSLA) CEO Elon Musk reportedly ordered Nvidia (NVDA) to ship out and divert AI chips originally meant for Tesla to X and Musk's xAI startup, according to emails obtained by CNBC. The Morning Brief team reports on this. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. This post was written by Luke Carberry Mogan.
Some of Tesla's institutional shareholders are getting out, convinced that the electric carmaker's days of dizzying growth are in the rear-view mirror. The company's shares are down nearly 30% this year and have fallen by more than 50% since their 2021 high, wiping out some $600 billion in market value as CEO Elon Musk has struggled with fierce competition and falling sales. Tesla's first-quarter results missed analyst expectations, though Musk said the company would release new models in 2025 that would be more affordable.
Tesla CEO Elon Musk believes self-driving technology will change the world of personal transportation—and the fortunes of his electric-vehicle firm—forever. “I think [achieving fully autonomous driving] might be the biggest asset value appreciation in history,” Musk said on Tesla’s first-quarter-earnings conference call. Self-driving cars can be used more often, instead of parked in a commuter lot, earning money for owners or ride-hailing fleet operators.