"Derivatives, are financial weapons of mass destruction, carrying dangers that, while now latent, are potentially lethal”-W Buffett; tweets are not fincl advice
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Breaking news: The Justice Department has moved to preemptively block certification of the results of Alaska’s Senate race if Republican incumbent Sen. Dan S. Sullivan loses his tight race against Democrat Mary Peltola next month. wapo.st/47GV3EC
$TSLA recognized a net $447M in Q3 gross profit from one-time tariff refunds, which accounted for over 61% of Q3 EBIT, meaning its core biz generated an EBIT margin of just 1.0%, & pro-forma non-GAAP EPS of 38c missed Wall Street’s 44c est. Why is this being ignored by the media?
SpaceX said on Thursday that its stake in Elon Musk’s The Boring Co. netted the company an investment gain of $561 million during the third quarter.
The gain accounted for more than half of SpaceX’s “other income” in the period and boosted its net income, which landed at just over $4 billion: cnb.cx/4yH7wmX
Amazon withdraws plans for four data centers on the 122-acre former GWU Ashburn campus in Loudoun County after buying it for ~$427M
#MacroEdge
Gordon Johnson retweeted
Tesla ($TSLA) cut its 2026 CapEx outlook by 20%, from $25B to about $20B.
GLJ Research CEO Gordon Johnson (@GordonJohnson19) is asking whether Tesla should be viewed as a “jr. hyperscaler” and if the cut has broader implications for the AI trade.
benzinga.com/markets/earning…
"The strongest balance sheet among the hyperscalers is setting up to fund AI with equity," he said. "That makes the question for suppliers whether these companies can keep financing the capex growth, not whether they want to." $GEV investors.com/news/ge-vernov…
Wrong. 16.8% auto margin, adj. for tariff income. But, directionally, you are 100% correct!
In addition to the write-downs, $TSLA recorded $260 million in automotive COGS savings due to tariff refunds.
There's your margin jump, @GordonJohnson19.
1/5 Did $TSLA's Q3 earnings beat come from a court ruling, meaning its actual business operations missed Consensus? A 🧵.
4/5 Strip it out of 3Q26A results, and you get:
Gross margin: 19.6% → 17.8% (in line, not a beat)
Op margin: 2.6% → 1.0% (below Q2’s 1.4%)
GAAP EPS: $0.22 → $0.12 vs $0.20 est.
Non-GAAP EPS: $0.48 → $0.38 vs $0.44 est.
On EPS and op margin, a miss.
5/5 Energy is the tell. Segment GM “improved” to 33.1% from 20.4% q/q. Ex-refunds: ~23.8%, and that still includes a one-time vendor warranty true-down. Auto GM ex-credits: ~16.8%, not 18.1%. Opex +39% y/y. Translation? $TSLA's gross profit is not keeping pace with spending.
MAJOR U.S. BANKS DETECT UNAUTHORIZED AI AGENTS ACCESSING CUSTOMER ACCOUNTS — AXIOS
Major banks, including $JPM, $BAC, $MS and $WFC, are confronting security risks from third-party AI agents accessing customer accounts, according to Axios.
Some agents have reportedly attempted actions beyond user instructions, raising concerns about unauthorized transactions and fund transfers.
Morgan Stanley has begun blocking third-party agents, while JPMorgan, Bank of America and Citi are restricting access.
Banks warn they cannot reliably distinguish legitimate user activity from autonomous AI agents, even when customers have voluntarily shared their credentials.
OIL TOPS $111 AS MIDDLE EAST WAR RISKS SURGE
Brent crude jumps over 2%, heading for its highest close since May.
Global oil inventories are razor-thin, leaving little room for supply disruptions.
The U.S. is deploying more warships, Israel is reportedly preparing potential strikes on Iran, and attacks on Saudi Arabia are intensifying.
Washington has ordered nonessential U.S. government personnel to leave Saudi Arabia.