Breakfast News: Tesla’s Slow Wheels, Fast Dreams
Tesla (NASDAQ:TSLA) stock still slid more than 4% in early morning trading after revenue from electric vehicles (EV) fell 3% in the third quarter. That’s one mistake the market repeats quarter after quarter. The company isn’t losing sleep over near-term auto margins because it is busy building a physical artificial intelligence (AI) and energy ecosystem. Wednesday’s report reminded investors the pivot is underway.
Two very different tech giants topped third-quarter expectations: Meta (NASDAQ:META), betting big on AI assistants, and IBM (NYSE:IBM), leaning on software to offset a shrinking hardware business.
The AI sell-off isn’t done yet. Nasdaq futures dipped 1.6% in pre-market trading today. Last week the S&P 500 lost nearly 2%, logging its worst week since June as technology fell almost 8%. Chip stocks are now down nearly 15% in three weeks. China’s benchmark CSI 300 index, meanwhile, officially entered bear-market territory on Thursday, showing this global tech hangover is far from over.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.