Gene Munster

$TSLA is down 9% because investors were hoping to hear that the robotaxi rollout in Austin would meaningfully accelerate this quarter. My guess is we have to wait until fall before the safety driver is removed and it’s open to the public. That's based on two comments from Elon…

I'm surprised $GOOG is not up more (up 1.5% vs. Nasdaq up 0.3%). June results give them an AI hall pass for at least the next couple of quarters. genemunster.com/search-growth-…

I think the reason why $TSLA is down in after hours is investors wanted to hear more about Austin. genemunster.com/while-investor…

TSLA call just ended. The stock is now down almost 4.3 %, compared to flat at the start of the call. There was no single trigger for the sell off. It was a steady decline throughout the call. Some factors that may have played a part: 1. No clear metrics about what to expect…

Musk says the new affordable model will “look just like the Model Y.” My take: I bet it uses the same body with scaled back features. This is just like Apple does with the iPhone. But if it really looks just like the Y, it will cannibalize the Y. I have to think more about that…

How will they fund the autonomy buildout? CFO says they’ll use their balance sheet. Cash and investments stood at $36.8B at the end of June, down slightly from $37.0B at the end of March. My take: Over the next year, I expect them to burn around $4-$5B in cash to invest in…

TSLA: Musk says FSD will be available for consumers for unsupervised use by end of year in a number of cities in the US. My take: That's encouraging for Hardware 4. I was thinking they would likely need Hardware 5 to get there. $TSLA

Those $GOOG results were solid.

TSLA: CFO says to expect increased investments in AI, robotics and batteries that can weigh on operating income. My take: This doesn't tell us much given we don't know the degree of the increased investments. $TSLA

EV Tax Credit Impact: CFO says they might not be able to make enough cars to meet demand from the pull forward ahead of the EV tax credit sunset. That means deliveries will likely be flat to up in September vs. the Street at down 6%. The upside doesn’t matter given it’s a…

Musk says robotaxi autopilot is several months ahead of consumer production version. Adds that the consumer version will quickly catch up. $TSLA

TSLA: Call just kicked off. Elon says they'll have autonomous ride-hailing for half of the U.S. population by year-end. The catch: he added “pending regulatory approval.” My take: That qualifier means you can’t put much weight on the timeline. What we can take away is their…

GOOG call is wrapped up. Message from management: Search is rock solid, and AI is working with new revenue opportunities down the road. My take: I’ve been negative on GOOG over the past six months because of the long-term AI shift. That risk is still on the table, but Search was…

GOOG: Stock is up 3% in after-hours and likely going higher. ➡️ This was the quarter we should have seen a fractional crack in Search. ➡️ The reason is over the past three months, daily active ChatGPT users jumped from around 350M to around 500M. ➡️ With that engagement headwind,…

GOOG says it will allocate more resources to Waymo but no word yet on how much. My take: They should go big. Waymo has ~1,500 vehicles on the road today, but it’ll take hundreds of thousands to be a real contender in the robotaxi race. $GOOG