00:09 Speaker A
It’s time now for today’s trending tickers. Well, let’s start with CoreWeave. After a 200% rally this year following its IPO, the Gen AI cloud platform had some setbacks last week, as you can tell from this chart. But it’s trending higher again this morning. Around up two and a half percent up in the pre-market actually. Now, the impressive lineup of now down just under 2% actually now. Now, the impressive lineup of partners, think Alphabet, Cloudfare, Cloudflare and of course Nvidia, keeps powering CoreWeave’s rise along with strong revenue growth and positive indicators.
00:54 Speaker A
Okay, let’s now move on to the farmer sector, which has been in the news in recent days with new tariffs and rules. Well, today, AstraZeneca is gaining some value after announcing plans to list shares on the New York Stock Exchange. Now, AstraZeneca said it would be maintaining its status as a UK listed and headquartered company, but it’s hoping to attract a broader base of investors via a New York listing.
01:25 Speaker A
Two more stocks to know about. GSK is up as it announced a new CEO, Luke Miels. He’ll replace Emma Walmsley in January. And UCB SA, it’s a very big European company you may never have heard of. It’s flying this morning after it presented presented positive trial results for several of its drugs.
01:51 Speaker A
Finally, let’s move on to electric vehicles and China’s BYD, that’s Tesla’s main competitor in the EV space. Well, it’s rallied today in Hong Kong after it reported that it expects to export up to 1 million vehicles. That’s roughly 20% of its total sales in 2025. It’s good news for the EV maker even as it lowered its overall sales targets.
02:18 Speaker A
And in the United States as well, the EV industry is in the spotlight. As you may have heard, a $7,500 tax credit is set to end tomorrow, September 30th. Some EV shoppers race to buy their vehicles this weekend. But the Tesla stock, well, it seems a bit unscathed this morning. Kevin Roberts from CarGurus, well he spoke to my colleague, Josh Lipton.
02:49 Kevin Roberts
I can say from our data, you can see that the sales rate has picked up. and then not only that, the amount of, you know, the number of EVs on dealer lots has been declining and the market day supply has dropped quite significantly. Uh from where we were, you know, at the end of June, 108 days supply, and now we’re under 45 days supply. So, the message is clearly getting out to consumers and they’re looking to kind of snap up those EVs before that credit expires.
03:19 Josh Lipton
So that bottom line, Kevin. So, you know, now let’s let’s look ahead. So once we’re past this tax credit, pull out your crystal ball. What what what do you think the EV market looks like ahead, Kevin? What what would you expect to see?
03:36 Kevin Roberts
So, it’s it’s unknown. I I’ve been taking a look at what happened in other markets where tax credits expired. And if you look to Europe, you know, you saw double digit declines, uh of EV sales afterwards. Uh California is one we’ve been watching. They accounted for about 30% of EV sales last year. And there had been talk that they would be replacing the tax credit themselves, but recently just came out that they’re not going to be replacing that tax credit. So a large EV market that we could be seeing uh a drop in sales volume in.
04:14 Josh Lipton
Are there certain EV names, Kevin, EV makers that in your opinion, hey, these guys, they they may be better positioned than others in a sort of a post tax credit world.
04:30 Kevin Roberts
So, normally I would have assumed that automakers might be looking to plug the gap themselves, but we’re in a post-tariff environment and that tariff tax bill they’re currently consuming mostly themselves right now. So I don’t know how much automakers are going to be able to really kind of foot the bill uh as those EV tax credits go away.
04:52 Josh Lipton
And Kevin, by the way, what what does the the used market for EVs look like? Do you have line of sight there?
05:01 Kevin Roberts
Yeah, so there is a used EV tax credit. It’s for vehicles under $25,000. So we’ve been seeing an acceleration in that market as well. Not as much as what we’ve been seeing in the new vehicle market, but there has been an uptick uh in that used EV market and we’ve been seeing a lot more used EVs particularly get under that $25,000 threshold. And so it’s a small but growing market.