Elon Musk has shown off his “Cybercab” in an eagerly anticipated event for Tesla investors
But was vague on crucial details as he predicted that its self-driving taxi would be available for less than $30,000. Musk said production of the robotaxis was likely to start before 2027, with the caveat that the service needed to be approved by regulators. He also unveiled a prototype for a 20-person autonomous vehicle called “the Robovan”. Since Tesla announced a “robotaxi day” on April 5, its shares have risen 45 per cent in anticipation of the unveiling. Musk has said the new electric vehicles could take the company’s valuation as high as $5tn, about seven times its current market value. Musk has repeatedly missed his own targets to roll out self-driving taxis, first promising fully autonomous rides from Los Angeles to New York by the end of 2017. In 2019, he predicted that 1mn robotaxis would be on the road by the following year. On Thursday, he said unsupervised rides using its self-driving software could be available in Texas and California from next year. Source: FT >>> https://lnkd.in/esX_w5P2
Despite silver prices being close to their highest levels in 13 years, the production from the world's two largest producers of the metal has barely changed.
Silver production is still at the SAME level it was back in 2010. This clearly reflects how constrained new supply remains. According to Tavi Costa, this is likely to continue given the limited capital being invested in developing new mines. Source. Bloomberg, Crescat Capital
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Source: Compounding Quality
FOMC MINUTES WERE PUBLISHED TODAY, here are the highlights 👇
▪ ‘Substantial majority’ backed half-point rate cut ▪ ‘Some’ officials would have preferred quarter-point cut ▪ ‘Almost all’ officials saw higher risks to labor market ▪ ‘Almost all’ participants saw lower inflation risks The key takeaway >>> FOMC Minutes Show Fed Considerably More Divided Over Size Of Rate Cut While there was only one dissent, the FOMC Minutes show "some" officials preferred a 25bps cut. Despite the apparent dovish pivot, expectations for rate-cuts (this year and next) has plunged dramatically - see chart below Source: Stocktwits, zerohedge
Meanwhile: Very significant upward revision in the real GDP forecast for Brazil this last month.
Source: Tavi Costa, Bloomberg
One of the reasons mentioned by many analysts to explain the aggressive rate cut (50bps) by the Fed in September was the following:macr
Shelter is the sticky component of inflation. If the Fed cut rates, we should see a drop in the mortgage rate which will enable more real estate supply and thus lower shelter inflation. Well, the Fed cut rates but mortgage rates are not declining. They are even moving higher? Has the Fed lost control of the bond market?
It's not just online betting markets:
Goldman's "Republican Victory" basket surged today and has taken the lead over "Democrat Victory" for the first time since the debate. Source: Bloomberg, www.zerohedge.com
Is this market unbreakable?
The S&P 500 is about to hit $50 TRILLION in market cap for the first time in history. It's now up +22% this year and over +40% since the October 2023 low. Despite many headwinds (Middle east tensions, US elections uncertainties, etc.), even a pullback of 5% is barely able to hold... How far can this bull market go without any correction??? Source: The Kobeissi Letter
