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Two mega-cap tech stocks are taking a devastating hit today. Both Alphabet and Tesla are headed for their worst day in over a year, dragging down major indexes. The reason is that investors are simply terrified of their spending on AI. Our next guest says, "Don't worry." Dan Ives of Yorkville Ives and Co.
joins us. I mean, it's almost your credo. Don't worry, be happy. But in this case, let's talk about Tesla first. This is a company, I just read, that has a market capitalization greater than the next 36 largest automakers combined. Maybe it's time for her to fall? You heard it on Power Lunch. Thank you.
Please. Look, this is the reality. They, they, they are not a car company. If you think about it from an investor's perspective, it's much more about breakthrough AI technologies. And I think when you look at Tesla, the problem here remains, as with Alphabet, in capital investment; let's say Tesla has physical AI, autonomy, Optimus, but you don't see the results in the near term, and it continues to be a test of strength.
Shares fell more than 14%. Does this mean that investors simply don't believe in it? I think patience is running out, isn't it? Because from an investor's perspective, if you show capital expenditure figures and then demonstrate the result, you will be given a credit for trust. And I would say that Alphabet is a different story in terms of the type of growth they're showing in cloud services.
I think it's not that close for Tesla . You must increase the production of robotaxi. You should show a story with physical AI. Look , that's all Musk does. And I think there's also a view here of where with SpaceX and now, of course, Tesla—the two golden children that he has , you know, where this is ultimately going.
I continue to believe that we are still in the third inning of the AI revolution, and this is just the beginning of these stories. We'll get to AI in a second, but to continue, does Dan Ives of Yorkville Ives, by the way, think that Tesla and SpaceX will eventually merge and is there an over 80% chance by the end of 2026, by the end of next year, that SpaceX will eventually acquire Tesla?
This is something where you are more optimistic than the most ardent optimists among traders right now. In California, the probability is 10% by November 2026, rising to 63% by 2028. Here is my question. Do you think all these Tesla diehards are starting to switch to SpaceX? These are the ones they love now.
Yeah, I don't know, I think it's like choosing which of your children you love the most, right? You can support both, but from an investor's perspective, for Tesla, the AI story is the future. It's not about supplies, after all, it needs to be built. We need more cities, more robotaxis. And Musk, you know, during the conference call, I think there was some caution, right?
And perhaps in some ways it's reasonable, but that's why stocks are reacting the way they are . 1.3 trillion dollars. I want to make a little finger gesture like Dr. Evil. Do it. When we do this, no one stops you. By the way, a new film is coming out, apparently about AI spending estimates from these companies.
Alphabet announced today that they are going to spend more. The shares fell slightly. In the previous hour, I suggested to a guest that if they had cut their spending on AI, the stock would have fallen much more than it has today. What is your opinion? This is an arms race that is unfolding, and we are only 15% of the way there.
The reality is, will they ever get back those spent funds? They must. I don't know. If not, there's no point in wasting them. I think that's not even a question. To some extent , the fact that they continue to spend on capital investments —you'll see that with Microsoft, Amazon, other hyperscalers. This is because businesses are preparing for use cases, for the consumer segment.
You saw Apple, which is after all just getting started. So, this speaks to... It's like Vegas in 1955 when the Strip was being built. I mean, that's actually where they are. So for these companies, it's going to hit them eventually, from a stock perspective, but they can't be short-sighted about this capital arms race .
In Vegas, if you didn't show a profit, someone's knees got broken. Intel reports after the close of trading today, what are your thoughts on all of this as it relates to demand, whether it's Intel chips or hyperscalers, because it continues to suggest that, in our view, the story is accelerating relative to demand.
What businesses are seeing, whether it's memory, whether it's chips, whether it's hyperscale systems -- that's what investors are focusing on , despite what we're seeing in the market today, you mean not everyone made it out of the desert alive, I... I, they keep finding bodies when the water recedes, so yeah, that's but you had great Sinatra, DeMar, every new one, every one, and now you have the Sphere that they want, but your point is that they wanted the Sphere back in the 1950s, but they couldn't get it, they had to wait for investment. If you told someone in '55 that the Sphere was coming, what would they say? Uh,
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