In today’s pre-market summary for Subscribers: Investor risk appetite returns after $NVDA CEO Jensen Huang’s positive comments at yesterday’s Goldman Sachs tech conference; Fed futures now fully discount a 25bp cut at next week’s Fed meeting; ECB likely to cut rates by another

The last time $TSLA traded at 100x forward Adj EPS was early 2022 at $350/share. That was before TSLA embarked on its price-cutting campaign (TSLA cut EV prices by -20% and got no volume growth) and Elon decided to buy Twitter - both actions to which we were adamantly opposed.

Both $KR and $RH beat expectations today, providing still more data that consumers are in better shape than growth pundits suggest. $KR +7% today after the grocery chain beat 2Q profit estimates, and raised full-year same-store sales guidance. $RH +18% AH after beating on 2Q

Traders put 50bp rate cut back on the table just days before next week’s Fed meeting. Source: Bloomberg

$TSLA is now selling at a 100x forward P/E, it’s highest P/E since early-2022. In the past three years, TSLA stock has not done well when selling at this high a P/E multiple. This time might be different however, as the breadth of innovation and new product ramps from TSLA over

Here’s a question for those who attach high incremental value to $TSLA robotaxi: When does TSLA FSD get to 99.99% efficacy (1 necessary disengagement per 10,000 miles) that would qualify it to claim L4 autonomy and accept liability for damage or injury which is needed to secure

When will first deliveries of $TSLA robotaxis begin?

In today’s pre-mkt summary for subscribers: Traders evenly divided between a 25bp and 50bp cut on Wednesday (we still expect a 25bp cut); Fed dot plot likely to show 100bp in total cuts before year-end; BOJ and BOE both likely to hold rates this week; China economic data