Elon Musk was “invited” by Benjamin Netanyahu to sit in Netanyahu’s private box in the U.S. Congress today, just behind (and to the left) of Netanyahu’s wife. Image source.
by Brian Shilhavy
Editor, Health Impact News
In a Wall Street bloodbath today that saw significant losses in the DOW, S&P 500, and Nasdaq, the Big Tech “Magnificent 7” companies (Apple, Google, Facebook, Amazon, NVIDIA, Microsoft, and Tesla) lost $1.7 TRILLION in market share, in just one day.
‘Magnificent Seven’ stocks near correction territory as $1.7 trillion in value erased
The wheels appeared to be coming off the artificial-intelligence trade on Wednesday as members of the “Magnificent Seven” headed for their worst daily drop since October 2022.
A market-capitalization-weighted gauge of the seven companies’ shares was down 4.1%, according to Dow Jones Market Data, bringing its total decline from its most recent peak on July 10 to 9.8%. (Source.)
Shares of Tesla stock were down the most, losing 12.3%, close to a $90 billion loss.
Tesla’s quarterly report on earnings yesterday was not as positive as shareholders had expected, and some seem to be waking up to the fact that Musk may not be as smart as everyone thinks, as he continues to sell the future and his AI hype, while sales of his Tesla vehicles are declining, as are other EV sales.
See my article from last week:
Ford also posted another $1 billion loss on electric vehicles last quarter.
Ford saw a $1.1 billion loss in its EV business, dragging Q2 profit well below Wall Street forecast
Shares of Ford Motor Co. lost more than 10% in the extended session Wednesday after the car maker reported quarterly profits well below Wall Street’s expectations and notched another billion-dollar loss on EVs. (Source.)
The fools who still believe in Musk think Teslas are different from other EVs, and insist that their investment in Tesla is not really an investment in an automobile manufacturer, but in an AI company that is going to build robots and self-driving cars.
Here is an article published in Fortune that represents the Musk believers’ continued optimism:
Tesla shares plunged on weak earnings. But a top analyst says AI investments will lead to a $1 trillion-plus valuation
EV maker Tesla reported its second straight quarter of year-over-year sales declines. But, some analysts see light at the end of the tunnel for the company with the help of AI.
In its Q2 earnings report released on Tuesday, Tesla revealed quarterly profitability from the sale of EVs dropped to its lowest level in five years. Meanwhile, the company generated 7% less revenue compared to the same time last year. All of this led shares to decline about 11% in Wednesday morning trading.
“We reiterate our Buy rating on TSLA, which still has a number of catalysts ahead that could help drive the stock, including the Robotaxi Day in October, potential licensing of FSD, new product launches, and realization of cost savings,” BoA research analyst John Murphy wrote in a Wednesday note to investors.
“The positive shift has begun for Tesla and the bears will continue to miss the forest through the trees on this one,” Dan Ives, Wedbush Securities managing partner, told Fortune.
Wedbush analysts said they weren’t “looking for major fireworks this quarter from Tesla.” And although the margin weakness is weighing on the stock this morning, the company has a new growth story to tell.
“Tesla is truly an AI and robotics play and this is the $1 trillion-plus valuation we see,” Ives said.
The robotaxi is the start of the AI story, according to Wedbush. CEO Elon Musk postponed the company’s planned August unveiling of its robotaxi prototype until Oct. 10 in order to make changes to improve the vehicle, he told analysts on the earnings call. Musk said he expected roll-outs possibly by the end of the year—though Wedbush believes it will be later.
“We believe next year is a more realistic time frame depending on the regulatory path ahead,” he said. (Source.)
Notice how all the hope and hype from these “analysts” for Tesla are about the future, and trusting Musk’s promises? They are all going to suffer, just like everyone else who puts their hope in Musk.
But it looks like fools such as these investors are becoming the minority now, as others clearly see the hype and B.S. Musk keeps trying to sell with no proof that his AI beliefs will ever come true.
Tesla’s bleak margins sour investors as Musk hypes everything but cars
Tesla shares sank 11% on Wednesday, evaporating almost $90 billion in stock market value after CEO Elon Musk’s talk of humanoid robots and driverless taxis failed to comfort investors worried about the electric car maker’s shrinking profit margins.
Tesla posted its lowest quarterly profit margin in five years late on Tuesday, with earnings per share missing estimates for the fourth consecutive quarter.
The selloff left Tesla’s market capitalization at $700 billion, down from over $1 trillion in 2021. Still the world’s most valuable car maker, Tesla’s valuation relies on investor expectations of big future profits driven by yet-to-launch products such as its promised robotaxis and robots.
“All of Musk’s enthusiasm on the call, outside of (energy) storage, were for products that don’t exist,” said TD Cowen’s Jeff Osborne.
Tesla’s EV deliveries have fallen for two straight quarters, and it has not introduced a lower-cost model that many expected, causing buyers to turn to rival EV makers. China’s BYD, for instance, widened its sales lead over Tesla in Singapore in the first half of 2024.
Tesla has been forced to cut prices and boost incentives to drum up sales of its aging vehicle line-up. Musk said rivals “have discounted their EVs very substantially, which has made it a bit more difficult for Tesla”.
The company said the cheaper models it expects to bring out in the first half of 2025 would result in less cost reduction than previously expected, while delaying a widely awaited event for its robotaxi to October.
“Tesla is not being priced on auto, but autonomy and AI … We believe any payoff from (Tesla’s AI) initiatives (is) further out,” wrote UBS analyst Joseph Spak, reiterating a “sell” rating on the stock. (Source.)
Fortunately, not only are Wall Street investors waking up to the AI hype and BS, so are some Federal “AI experts.”
Fed AI Experts: GenAI Not Ready for ‘Fire and Forget
While generative AI technology has come a long way in the past couple of years, Federal AI experts explained today that the technology is not yet ready for the government to “fire and forget” the technology – meaning it still requires a human-in-the-loop after deployment.
At GovLoop’s AI in Action event in Washington, D.C., today, one AI expert explained that the key to successful AI adoption within the Federal government starts with purchasing simple, ubiquitous tools that are easy for everyone to use.
“I don’t think that government should be asking the question: ‘Is the workforce ready for AI?’” said Brian Morrison, former large language model specialist at the Department of the Air Force Chief Data and AI Office. “It really should be: ‘Is the technology ready for the workforce?’”
Morrison explained that this question helps to turn a training problem into an acquisition problem. For example, he said no one ever got Microsoft Office training because the tool is “so easy to use.”
“I simply look for a tool that employs the technology in a way that is so simple, anyone can use it,” he said. “It’s not about taking these giant leaps in capability by employing alien space lasers or something. It’s about taking small stair steps that I can afford as an organization bit by bit as risk tolerance grows time over time, and then they’re just used.”
U.S. Navy Capt. Manuel Xavier Lugo, Task Force Lima commander within the Chief Digital and Artificial Intelligence Office (CDAO), added that GenAI at its current state is not quite there yet.
The Department of Defense established Task Force Lima, which is aimed at assessing and integrating generative AI capabilities across the Pentagon, in August 2023.
“If there’s a takeaway from this conversation, it’s that this technology is not ready for ‘fire and forget.’ This technology requires humans in the loop at its current state,” Lugo said. “It must have a human – and even better if it’s a subject matter expert inserted in that particular case.”
Lugo explained that GenAI still is not always accurate and requires a human to fact-check it. Additionally, he said that there is still no concrete way to measure the amount of bias in a model or algorithm. “We’re not there. We don’t know,” he said. (Source.)
Meanwhile, as Kamala Harris and JD Vance, along with many others were no-shows at the Benjamin Netanyahu show in Congress today, one person that few expected to see showed up: Elon Musk.
Elon Musk attends Netanyahu’s speech to Congress as his guest, but dozens of lawmakers skip it
Elon Musk made a surprise appearance in Washington Wednesday for Israeli Prime Minister Benjamin Netanyahu’s address to Congress, attending the event as Netanyahu’s guest.
Musk sat in Netanyahu’s private box in the visitors gallery above the House floor, alongside Netanyahu’s wife Sara, several Israeli soldiers and at least one former hostage of Hamas.
The Tesla Motors CEO’s visit to Capitol Hill came a day after he announced on X that his satellite internet company Starlink had been activated in a Gaza hospital, with the support of Israel and the United Arab Emirates. (Source.)
I think this erases any doubt that may still be in peoples’ minds about whether Elon Musk is a Zionist or not. He drew the criticism of being “antisemitic” late last year due to some posts on X, and the Anti-Defamation League put a lot of pressure on him, which resulted in him taking a trip to Israel, where he was apparently taught how to be a good Zionist.
How Elon Musk caved into Zionist lobby and allowed Palestine censorship on X
In late November last year, X and Tesla owner Elon Musk traveled to occupied Palestinian territories after facing blistering criticism of ‘anti-semitism’ from the Zionist lobby group “Anti-Defamation League.”
Musk, one of the world’s richest men and notoriously self-absorbed, was speculated to have embarked on the trip to save his image and business after shareholder value on X plummeted to the tune of nearly $75 million following the Zionist lobby’s smear campaign against him.
Musk was escorted to various locations in the occupied territories where Hamas resistance fighters engaged the Israeli occupation forces during the events of the October 7 operation.
There, Musk was subject to photo ops by Israeli media, seen standing next to staged atrocities and fed the same disinformation that Zionist officials have in the past four months been brazenly peddling.
Interestingly enough, Musk, surrounded by Zionist forces, refused to enter Gaza to hear the Palestinian side of the story, cowardly admitting that the besieged territory was “too dangerous.”
The visit served as an opportunity for the Israeli regime to use one of the world’s filthy rich men and influencers as a propaganda tool.
What followed the visit was millions of social media users wondering: What exactly did the Israeli lobbies say, do, or promise to the American multi-billionaire? (Source.)
But Zionists can’t build robots to replace humans or create cars that can drive by themselves, and Musk’s empire is going to fall, along with the rest of Big Tech as more and more people realize that they are peddling science fiction and the future, and nothing of real value for now, in the real world.
As U.S. Navy Capt. Manuel Xavier Lugo stated in the quote above:
“If there’s a takeaway from this conversation, it’s that this technology is not ready for ‘fire and forget.’ This technology requires humans in the loop at its current state,” Lugo said. “It must have a human – and even better if it’s a subject matter expert inserted in that particular case.” Lugo explained that GenAI still is not always accurate and requires a human to fact-check it.
In other words, we have a shortage of human beings and human intelligence, because the technology cannot operate without us.
The Big Tech crash is coming. Today might have been the start of the ultimate crash as reflected in the stock markets, but it will probably take some more time for people to realize that their faith in the technology is not real, and that one cannot just wait for the future forever.
Human beings are actually needed to run this world, and the technology. Sadly, most will learn this the hard way.
There is a way that seems right to a man, but in the end it leads to death. (Proverbs 14:12)
Comment on this article at HealthImpactNews.com.
See Also:
Having problems receiving our emails? See:
If our website is seized and shut down, find us on Telegram, as well as Bitchute and Odysee for further instructions about where to find us.
If you use the TOR Onion browser, here are the links and corresponding URLs to use in the TOR browser to find us on the Dark Web: Health Impact News, Vaccine Impact, Medical Kidnap, Created4Health, CoconutOil.com.
The post Elon Musk Shows up for Netanyahu’s Speech to Congress on the Same Day Tesla Loses $90 Billion in Big Tech Market Bloodbath first appeared on Vaccine Impact.
