Tesla Cybercab Launch Confirmed
Tesla (TSLA) will unveil its production robotaxi, the Cybercab, in Austin on September 3rd. The two-seat vehicle has no steering wheel and no pedals. It is built to run only on Tesla's full self-driving software as part of its robotaxi fleet. This is a major step in the company's plan to make self-driving cars a core growth engine.
Tesla is expanding self-driving operations. Nevada recently approved up to 5,000 Tesla robotaxis in the Las Vegas area, though the company expects to deploy about 2,500 there over the next year. Tesla's value is increasingly tied to its autonomy goals. Investors will watch whether the Cybercab can turn the AI and robotaxi promise into a business that can scale.
Gold and Silver Rally
Gold traded near $4,700 an ounce and silver near $69 an ounce, extending a strong summer rally. Gold is up about 15% this month and nearly 40% over the past year. Silver has gained about 18% in the past month and about 75% year-over-year. The rally has added roughly $5 trillion in combined market value.
The drivers: a weaker dollar, worries over US debt and inflation, geopolitical uncertainty, and expectations about monetary policy. Silver is also pulled up by stronger industrial demand from AI data centers, grid upgrades, and electronics, which adds an industrial-metal angle to the precious metals story.
Tech Firms Raise Cash for AI
Some of the biggest tech companies are tapping debt and equity markets to fund aggressive AI expansion.
One company announced it would sell more than $10 billion of new shares to fund its infrastructure, chips, and models. The deal was priced at a discount to Friday's closing price and reportedly drew strong demand. Two of the company's executives bought back a large amount of the shares. The market has been trying to digest the level of capital spending, which has weighed on profits lately, so the stock flip-flopped.
SoftBank plans to issue bonds to fund its growing AI spend. It will issue more than $6 billion of yen-denominated retail bonds to repay other bonds and for AI investments. This is the biggest retail bond offering by a Japanese company. It comes as SoftBank doubles down on its AI strategy, including a large commitment to OpenAI. Shares fell in Tokyo and in the US.
These moves can hit the bond market. More corporate debt issuance raises the supply of corporate credit and puts pressure on yields at the long end, because corporate bonds compete with government bonds. That is why the trend is drawing attention.
What to Watch Next
Intuit (INTU) reports fiscal fourth quarter earnings after the close tomorrow. Analysts expect EPS around $3.59, up more than 30% year-over-year, on revenue of $4.27 billion. The setup is mixed: shares are down roughly 44% year to date despite a near 24% rally over the past month, as investors worry AI could disrupt Intuit's businesses. It was one of the main victims of the "SaaS apocalypse." Jefferies said its fiscal 2027 estimates may still be too high and lowered its price target ahead of the report. Intuit fell 23% after its May earnings report even though it beat on the top and bottom lines. The reaction, and how the company defends against AI disruption, will be watched.
Two data prints are also due: consumer confidence from the Conference Board, and new home sales. Consumer confidence has improved slightly as gas prices eased, but it ties closely to new home sales given affordability challenges. PCE data comes later in the week.
