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Tesla shares are rising today after announcing third-quarter delivery results. They exceeded expectations. We'll explore what to look for in the automaker's operations with Wedbush co-partner and senior managing director Dan Ives. Dan, good to see you. Nice to see you, Frank. So, Tesla shares are rising on the back of these strong delivery figures.
One detail that I found interesting: Model 3 and Model Y accounted for 98% of deliveries. Is this a problem for the company? Look, this will continue to be the main growth story for Tesla, but it's really about the recovery in Europe. This was a relief for investors. Think back to the last few years of decline, and this year we're finally seeing growth, and I think that's a big step in the right direction for Tesla.
What about the Cybertruck? I thought this was a product that would take Tesla to the next level. Obviously, this is a larger vehicle with pickup truck functionality. What is happening with its implementation? Look, they saw the power of the Cybertruck over the past year, but the reality is that given the premium segment of the market, it won't significantly impact overall demand.
I think closer to 2027 the main question will be will they release a new model? And for stock prices, it all comes down to robo-taxis and optimism about autonomy. This is a company that is actually transitioning from a player in the electric vehicle market to what I consider to be a real player in the artificial intelligence space.
And now it's such a transitional period when you see the results of stocks and investors are waiting for success. So, you say this is an intermediate stage. Does this mean you have any idea when Optimus will be introduced and these humanoid robots will start to be implemented? Do you have a schedule?
I haven't seen a clear timeline, and we know that Elon Musk often sets a date and then postpones it. Sometimes once, sometimes several times. Yes, I think 2027— let's say, the beginning or middle of the year. The main thing is to launch robotaxi, because so far everything is going slowly, mostly due to regulatory requirements.
As the story with robotaxis and autopilot gains momentum, I think Optimus will show itself in the second half of the year and early next year. And that's why , I believe, 2027 could be a golden year for Tesla. We continue to believe that by the end of next year there is a high probability, around 80%, that SpaceX and Tesla will eventually merge.
A kind of small marriage. I would like to move on to other technology topics, but very quickly: when you talk about launching a robotaxi business next year, will this be an independent project? Will it be with a partner? How will it all work? Actually, this is about scaling. Because the more cities we cover, the closer we get to the launch of Cybercab, and when exactly will that take the story to the next level?
And this is what investors are waiting for. I think this is a kind of aperitif for what will be a key year for Tesla on the way to 2027. But if we talk about demand, it is stabilizing. And that's important, it sets the stage for what I think could be a very, very strong year. OK. I want to talk about the broader markets, the Nasdaq may be headed for a record close.
Nvidia and AMD also reached all-time highs. What is your opinion on this? Why do we observe such optimism? Is this simply due to a slight decline in bond yields, or is there something else at work today ? I think also, if you look at Micron and analyze the supply chains in Asia, the reality is that we are entering reporting season, and I expect strong financial results across the technology sector, from hyperscalers to chipmakers and beyond.
And right now the supply and demand ratio for chips is 13 to 1. You saw it with Nvidia, you saw it with AMD. And I believe investors continue to underestimate the scale and scope of this AI revolution. We are still in the early stages, despite some nervousness about oil prices and 10- year bonds. It is technology that will push this market up, and I think that is what is in the spotlight right now.
Dan Ives, always a pleasure to deal with. Nice to see you, as always. Have a nice weekend. Thank you for being with us. So, in just one moment, there were 85,000, 86,000, and exciting conversations about Bitcoin and its growth. And what happened? He rolled back a little . What are your thoughts on this week's events?
Yes, hello, Nicole. Today's visit is definitely different. I think the last time I was here was 2 weeks ago, and yeah, I think we were at 86-87 thousand then. Of course, the major cryptocurrencies have slumped considerably this week. Bitcoin is down to about 80,000 today. Ethereum is down about 2,400.
Bitcoin is down about 3% so far. ETH—by 6%. Other cryptocurrencies like Solana appear to have fallen by 8.5 or 9%. So the week was quite challenging, just like yesterday. Today is the fourth day in a row, the fourth day of decline for Bitcoin, which more or less coincides with the general risk aversion.
We are witnessing a new wave of stock and bond sell-offs, rising oil prices. I heard you mention this to a previous guest, today the price went up another $3, plus higher interest rates. Many factors have changed the mood to bearish. I wanted to hear your thoughts on a recent conference abroad, in Asia, in Singapore.
Your thoughts on the events at Token 2049. What was important there ? Yes, it was a pretty exciting conference. It's just huge, with about 25,000 participants gathering in Singapore this week. There were representatives of over 7,000 companies from 150 countries around the world. So it was the real beau monde of the industry.
Key speakers from the traditional financial sector included the CEO of Franklin Templeton, the chairman and CEO of Nasdaq. And from the side of purely crypto projects - the founders and CEOs of Binance, Hyperliquid, Polymarket. So, a few comments that have already appeared, right? When there 's a big gathering like this, I try to pay attention to what the main players are saying.
Tom Lee made a rather loud statement that affected the market: he effectively confirmed that his company Bitmain would stop hoarding Ethereum once they owned 5% of the total supply . In fact, that was always his goal. I think they're at 4.9% right now, but the fact that he confirmed it potentially weakens support for this cryptocurrency.
So, let's keep an eye on what else might appear. It ends tomorrow, so we'll see what happens next. Tom Lee has always been positive about Bitcoin. Mike Novogratz was also part of this story. What are your feelings about the sentiment, especially given the regulations that have been introduced? We did not receive the Transparency Law, we did not receive a law, but we received certain rules.
Some of the guests I had this week, Adam, actually told me and felt that it helped, um, push cryptocurrency up because at least the SEC and the CFTC took matters into their own hands. Undoubtedly. I would certainly support these thoughts. Well, they always said they would do it, but it's one thing to say it, and another to actually do it.
And in the past few weeks, they have indeed done so, as both the SEC and the CFTC have put forward different rules. I think we can get to something that is close enough to clarity to look quite similar. Um, the problem, of course, is that this is not legislation. So if someone else comes in , there's a rotation, there's a new CFTC or SEC chairman , these things can be overturned.
Yes, and this week we saw a sell-off, 4 days of decline in a row. Do you hear people talking about buying at the bottom? In short, what are your thoughts? Yes, there is a little. There are some positive signals. Seasonality is great, is n't it? October is a great month for Bitcoin, a great quarter for Bitcoin.
We saw several strong technical signals. And what he is approaching, a milestone that everyone thought was of $6 trillion, while shares are just below record highs after five consecutive winning seasons. And according to Raymond James, analyst Simon Leopold believes Nvidia still has significant growth potential.
His target price is $515, one of the highest on Wall Street. But the bigger story is not jus are spending huge amounts of money, and massive investments in AI infrastructure. And even though the cost of borrowing remains high, . This is a a whole industrial development. Nvidia is right at the center of this process.
There is also a great deal of confus is one winner and everyone else loses. But the reality may be much more complicated. There may bnd several directions simultaneously. Nvidia is positioned as a critical infrastructure provider that combines many of these elements. But there is a problem. The bottleneck now is not just companies' desire to ge driven up memory prices, and that's not the only problem.
Energy supply is becoming enormous amounts of electricity. They need network technologies. They need cooling . They need data storage systems. They need advanced components. They all have focus on demand for GPUs, the next stag those processors. was driven by computing power. Then memory became an important part of this story.
The industry is now increasingly focusing on transferring data between all components quickly enough to keep expensive equipment from going down. Think about what this means. You can create enormous computing power. You can install a huge amount of memory. But if these systems can't interact effectively, you' more complex logical thinking and AI-powered workloads , the architecture becomes even more complex.
Different types of computers must constantly exchange data. This creates another huge opportunity for network technologies, optical connections, switching and related infrastructure. One analyst during the discussion noted how significantly the market for specialized and alternative infrastructure for AI has expanded.
The market, once valued at around $14 billion , now has the potential to reach around $235 billion. This shows how quickly expectations for AI infrastructure have changed. This also explains why the possibilities are not limited to Nvidia. Opportunities in the semiconductor industry are expanding. Computing, networking, memory, storage , connectivity, communications, security, infrastructure, software, applications—all of these layers can benefit as AI is implemented into everyday business processes.
And there's another development for investors to watch: the AI economy is starting to move beyond simply buying more chips. The real question is what economic benefit companies can derive from this computing power. This is where artificial intelligence, created by artificial intelligence itself, becomes interesting.
Instead of AI simply answering questions, imagine digital workers constantly working alongside humans. They can process information , analyze data, write software, monitor systems, perform routine work, and potentially work 24/7 . If this happens on a large scale, the economic value of AI could become much greater than current software applications predict.
But achieving this requires a huge amount of capital. And that's why capital formation could be one of the biggest constraints to the next phase of the AI boom. Look at what companies are spending right now. Meta, for example, spends approximately 15% of its revenue on capital expenditures. Microsoft, Amazon, Google, and other hyperscalers are also investing billions in AI infrastructure.
And now SpaceX is reportedly raising about $14 billion, with AI infrastructure being one of the main areas attracting capital.
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