When Tesla (TSLA) CEO Elon Musk exited DOGE, that removed a major overhang in his company. His involvement in cutting government jobs mixed politics with the electric vehicle brand.
Tesla stock now nears its 52-week high. CEO Musk confirmed on Monday after markets closed that Tesla is testing driverless Robotaxis in Austin, Texas. Critics might argue that the EV needs LiDAR to succeed. Yet LiDAR provider Luminar Technologies (LAZR) filed for bankruptcy. Still, Ouster (OUST) and China’s Hesai (HSAI) offer LiDAR technology that might provide the technology for future self-driving solutions.
Within the EV space, Ford Motor (F) took a massive $19 billion write-off for its EV division. It will take a special charge in Q4/2025 through 2027. Ford shares are steady in reaction to the news. The company increased its EBIT estimate to $7 billion for this year.
Selling pressure is mounting for the bitcoin (BTC-USD) holder, Strategy (MSTR). The firm bought another $980 million in bitcoin in the last week. This drains its cash on hand and increases its pressure on funding its preferred shares. Those shares pay a cumulative dividend that yields 10%.
In the software sector, watch ServiceNow (NOW). NOW stock lost 11.54%, continuing its downtrend that started in May. KeyBanc downgraded the firm, in addition to downgrading Adobe (ADBE).
Investors might consider taking advantage of NOW stock falling to more reasonable prices.
