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U.S. President-elect Donald Trump and Elon Musk watch the launch of the sixth test flight of the SpaceX Starship rocket in Brownsville, Texas, on Nov. 19, 2024.

Brandon Bell | Via Reuters

Tesla shares jumped to an all-time high on Wednesday, surpassing their prior record reached in 2021, sparked by a post-election rally and Wall Street’s increased enthusiasm for Elon Musk’s electric vehicle company.

The stock rose to an intraday high of $415, which is 50 cents above its previous peak, and was on pace to close ahead of its highest finish, which was $409.97 on Nov. 4, 2021.

Tesla’s market value has swelled by about 66% this year, with almost all of those gains coming since Donald Trump’s election victory early last month. The stock’s 38% rally in November marked its best monthly performance since January of 2023 and its 10th best on record.

Musk poured $277 million into a pro-Trump campaign effort, according to Federal Election Commission filings, and turned his support for the Republican nominee into another full-time job ahead of the election, funding a swing-state operation to register voters and using his social media platform X to constantly tout his preferred candidate, frequently with misinformation.

The world’s richest person, who’s seen his net worth swell to over $360 billion, is set to lead the Trump administration’s “Department of Government Efficiency,” alongside onetime Republican presidential candidate Vivek Ramaswamy.

His new role could give Musk power over federal agencies’ budgets, staffing and the ability to push for the elimination of inconvenient regulations. Musk said during a Tesla earnings call in October that he intended to use his sway with Trump to establish a “federal approval process for autonomous vehicles.” Currently, approvals happen at the state level.

“The stock is responding to the Trump bump,” Craig Irwin, an analyst at Roth MKM, told CNBC’s “Squawk on the Street” last week. Irwin had just increased his price target to $380 from $85, writing in a report that “Musk’s authentic support for Trump likely doubled Tesla’s pool of enthusiasts and lifted credibility for a demand inflection.”

On Wednesday, analysts at Goldman Sachs boosted their price target on Tesla, joining a parade of firms that have lifted their price expectation or their rating on the stock. The Goldman analysts wrote that “the market is taking a more forward-looking approach to Tesla, including with respect to its AI opportunity.”

Analysts at Morgan Stanley and Bank of America have also issued bullish reports of late.

Since Trump’s victory, Musk has been accompanying the president-elect in meetings with world leaders, and began advising him and members of Congress as to which federal agencies, regulations and budget items the billionaire would like to eliminate or greatly reduce.

Tesla’s surge to a record marks a dramatic turn from its performance to start the year. The company’s shares plunged 29% in the first three months of 2024, the worst quarter for the stock since the end of 2022 and the third worst since Tesla went public in 2010. At the time, investors were concerned about Tesla’s core business, which reported declining revenue in the first quarter in part due to increased competition from China.

In its third-quarter earnings report in October, Tesla reported a year-over-year revenue increase of 8%, which fell just shy of estimates. However, the company reported better-than-expected profit, and Musk said on the earnings call that his “best guess” is that “vehicle growth” will reach 20% to 30% next year, due to “lower cost vehicles” and the “advent of autonomy.” That forecast was ahead of analysts’ predictions.

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BNY Mellon will have custody of Ripple’s new stablecoin as institutional interest in crypto swells

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BNY Mellon will have custody of Ripple's new stablecoin as institutional interest in crypto swells

Jakub Porzycki | Nurphoto | Getty Images

Bank of New York Mellon will be the primary custodian for the Ripple’s U.S. dollar-pegged stablecoin reserves going forward, the two companies said Wednesday.

The partnership should enhance regulatory compliance for Ripple, the issuer of ripple USD (RLUSD), and boost institutional credibility for the company as well as the fast growing stablecoin industry. BNY is the nation’s oldest bank and primarily serves institutions and corporations.

It also adds to the growing number of traditional institutions and companies showing interest in stablecoins – a shift that has quickly become known as “stablecoin summer” – as the Trump administration rolls back restrictive Biden-era crypto policies and Congress makes progress on passing stablecoin legislation. Amazon and Walmart are reportedly exploring the possibility of using or issuing their own stablecoinsUberApple and Airbnb are among other big companies reported to be exploring them.

“BNY is committed to delivering differentiated, end-to-end solutions, designed to meet the needs of institutions across the entire digital assets ecosystem,” Emily Portney, global head of asset servicing at BNY, said in a statement. “As primary custodian, we are thrilled to support the growth and adoption of RLUSD by facilitating the seamless movement of reserve assets and cash to support conversions and are proud to be working closely with Ripple to continue propelling the future of the financial system.”

Stablecoins are cryptocurrencies whose values are pegged to that of another asset, usually the dollar. They are designed to bring the stability of traditional currencies to blockchain networks (praised for the speed and efficiency they provide money transfers).

In recent weeks, Ripple also applied for a U.S. national banking charter and a Federal Reserve master account, which would allow the company to hold reserves directly with the central and access its payment rails.

Ripple, whose founders are the creators of the XRP token, is a 13-year-old business-to-business payments firm that does much of its business outside the U.S., serving banks, payments companies and other financial institutions with a need for cross-border payments. It launched the RLUSD stablecoin in December 2024.

While BNY has been monitoring crypto for many years, it began its first foray into the industry in 2021, opening a digital assets unit to finance bitcoin and other cryptocurrencies.

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Super Micro plans to ramp up manufacturing in Europe to capitalize on AI demand

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Super Micro plans to ramp up manufacturing in Europe to capitalize on AI demand

CEO of Supermicro Charles Liang speaks during the Reuters NEXT conference in New York City, U.S., December 10, 2024. 

Mike Segar | Reuters

PARIS — Super Micro plans to increase its investment in Europe, including ramping up manufacturing of its AI servers in the region, CEO Charles Liang told CNBC in an interview that aired on Wednesday.

The company sells servers which are packed with Nvidia chips and are key for training and implementing huge AI models. It has manufacturing facilities in the Netherlands, but could expand to other places.

“But because the demand in Europe is growing very fast, so I already decided, indeed, [there’s] already a plan to invest more in Europe, including manufacturing,” Liang told CNBC at the Raise Summit in Paris, France.

“The demand is global, and the demand will continue to improve in [the] next many years,” Liang added.

Liang’s comments come less than a month after Nvidia CEO Jensen Huang visited various parts of Europe, signing infrastructure deals and urging the region to ramp up its computing capacity.

Growth to be ‘strong’

Super Micro rode the growth wave after OpenAI’s ChatGPT boom boosted demand for Nvidia’s chips, which underpin big AI models. The server maker’s stock hit a record high in March 2024. However, the stock is around 60% off that all-time high over concerns about its accounting and financial reporting. But the company in February filed its delayed financial report for its 2024 fiscal year, assuaging those fears.

In May, the company reported weaker-than-expected guidance for the current quarter, raising concerns about demand for its product.

However, Liang dismissed those fears. “Our growth rate continues to be strong, because we continue to grow our fundamental technology, and we [are] also expanding our business scope,” Liang said.

“So the room … to grow will be still very tremendous, very big.”

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Apple says COO Jeff Williams will retire from company later this year

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Apple says COO Jeff Williams will retire from company later this year

Jeff Williams, chief operating officer of Apple Inc., during the Apple Worldwide Developers Conference (WWDC) at Apple Park campus in Cupertino, California, US, on Monday, June 9, 2025.

David Paul Morris | Bloomberg | Getty Images

Apple said on Tuesday that Chief Operating Officer Jeff Williams, a 27-year company veteran, will be retiring later this year.

Current operations leader Sabih Khan will take over much of the COO role later this month, Apple said in a press release. For his remaining time with the comapny, Williams will continue to head up Apple’s design team, Apple Watch, and health initiatives, reporting to CEO Tim Cook.

Williams becomes the latest longtime Apple executive to step down as key employees, who were active in the company’s hyper-growth years, reach retirement age. Williams, 62, previously headed Apple’s formidable operations division, which is in charge of manufacturing millions of complicated devices like iPhones, while keeping costs down.

He also led important teams inside Apple, including the company’s fabled industrial design team, after longtime leader Jony Ive retired in 2019. When Williams retires, Apple’s design team will report to CEO Tim Cook, Apple said.

“He’s helped to create one of the most respected global supply chains in the world; launched Apple Watch and overseen its development; architected Apple’s health strategy; and led our world class team of designers with great wisdom, heart, and dedication,” Cook said in the statement.

Williams said he plans to spend more time with friends and family.

“June marked my 27th anniversary with Apple, and my 40th in the industry,” Williams said in the release.

Williams is leaving Apple at a time when its famous supply chain is under significant pressure, as the U.S. imposes tariffs on many of the countries where Apple sources its devices, and White House officials publicly pressure Apple to move more production to the U.S.

Khan was added to Apple’s executive team in 2019, taking an executive vice president title. Apple said on Tuesday that he will lead supply chain, product quality, planning, procurement, and fulfillment at Apple.

The operations leader joined Apple’s procurement group in 1995, and before that worked as an engineer and technical leader at GE Plastics. He has a bachelor’s degree from Tufts University and a master’s degree in mechanical engineering from Rensselaer Polytechnic Institute in upstate New York.

Khan has worked closely with Cook. Once, during a meeting when Cook said that a manufacturing problem was “really bad,” Khan stood up and drove to the airport, and immediately booked a flight to China to fix it, according to an anecdote published in Fortune.

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