People often ask whether China or the West is “winning.” That’s the wrong question. The more useful question is: how do different systems work, and what trade-offs do they make? When you look at history, geopolitics, and economics together, you start to see repeating patterns — and those patterns matter far more than day-to-day noise.

@TaviCosta argues that gold should no longer be viewed merely as a hedge, but as a signal of deeper structural change in the global monetary order. 🪙 When gold enters a secular bull market, the effects tend to ripple across currencies, commodities, mining equities, and emerging markets alike, revealing how interconnected today’s macro regime shifts truly are. 📖 Read more reflections from Tavi Costa, Luke Gromen, Brent Johnson, and Russell Napier in the @SoundMoneyRpt feature: ⏳ Only 13 days until the release of IGWT 2026: Back to the Monetary Future #IGWT26# #RoadToIGWT26# #GoldInvesting# #SoundMoney# #PreciousMetals# #MacroTrends# #Geopolitics# #Testimonials# #VoicesOnGold# #AnniversarySeries#

🪙 “One of the most rigorous contributions to the global gold debate.” — @TaviCosta 🪙 “The first thing I read and the last word on the subject.” — @SantiagoAuFund 🪙 “One of my go-to resources on all things gold.” — @LukeGromen 🪙 “In independence of thought we trust.” — Russell Napier As we count down to the #IGWT26#, four prominent macro thinkers reflect on 20 years of the In Gold We Trust report. Take a look to see why our insights matter more than ever in today’s monetary regime shift. 📖 Read the full article for free on the @SoundMoneyRpt: ⏳ Only 14 days until the release of IGWT 2026: Back to the Monetary Future #RoadToIGWT26# #GoldReport# #GoldInvesting# #PreciousMetals# #SafeHaven# #SoundMoney# #Commodities# #MonetarySystem# #Geopolitics# #MacroTrends# #MarketAnalysis# #AustrianEconomics#

Q1 2026 Shareholder Update We continued to make meaningful progress on the build out of the infrastructure & AI software that underpins our Robotaxi & future robotics businesses in Q1. That meant commencing the ramp of new factories across AI compute, battery & battery materials, as well as preparing lines for start of production of Megapack 3, Cybercab & Tesla Semi. Demand for our vehicles continued to grow in APAC & South America markets, with a rebound of demand in EMEA markets & North America. As trade and geopolitics become more uncertain, we're further regionalizing and vertically integrating critical supply chains to ensure access to key materials & componentry in each region across vehicle, energy & AI. Automotive – Optimizing our vehicle product portfolio with an emphasis on vehicles designed for a fully autonomous future – More affordable trims of Model 3/Y & rollout of Model Y L in markets outside of China – Began deliveries of Cybertruck in the UAE – Volume production of Cybercab & Tesla Semi this year Energy Generation & Storage – Good progress with new Megafactory outside Houston (will produce Megapack 3 for Megablock). Start of production on track for later this year – We began meaningful customer deployments of Tesla’s first in-house designed solar panel produced at Giga New York Robotics – Preparations for our first large-scale Optimus factory will begin shortly in Q2. First-gen line designed for 1M robots/year will replace Model S/X lines in Fremont Factory, second-gen line is being prepared at Giga Texas (long-term annual capacity of 10M robots/year) AI Training Compute – Cortex 2 is now online & has started running training workloads – Also ramping on-site training infrastructure to ensure sufficient compute resources for AI products & services – Continuing with custom silicon development (Dojo 3) to reduce training cost over time Battery – Ramping new battery & material factories, including LFP cells in Nevada, cathode material & lithium refining in Texas – Battery vendor cell availability continues to be a limiting factor on ramping vehicle production, so we're working on initiatives to de-bottleneck, including using 4680 cells at Giga Berlin Other Supporting Infrastructure – Giga New York is now producing V4 Supercharging cabinets (3x power density & 2x the number of stalls vs V3) – Alongside the ramp of Tesla Semi, we're deploying public Megachargers, including our first one in SoCal – Over 2,200 new Supercharger stalls, growing the network 19% YoY AI Software – FSD 14.3 launched in April – Upgraded Reinforcement Learning (RL) stage to better handle long-tail edge cases, enhanced the neural network vision encoder for sharper perception in low-vis scenarios & rewrote the AI compiler to accelerate model iterations & cut inference latency by 20% (faster reaction time for FSD!) This accelerates our efforts to eventually deploy unsupervised autonomy to both the Robotaxi fleet & customer owned vehicles – Digital Optimus: our next evolution of AI development. We're working on automating digital workloads, building an intelligence layer that will complement real-world AI in vehicles & robots AI Inference Compute – Expanding our scope of manufacturing to include semiconductor fabrication (coinciding with Robotaxi & Optimus ramps) = step towards ensuring sufficient & resilient chip supply – Partnership with SpaceX aims to build the largest chip fab ever, vertically integrating logic, memory & advanced packaging to allow for rapid iteration – Completed final chip design of AI5 (our next-gen inference processor) in April Automotive & Other Software – Rolled out Spring Update which includes a new Self-Driving app with tutorials & stats, "Hey Grok" wake word w/ location-based reminders, accent lights for blind spot alerts, updated Pet Mode & more Robotaxi – Paid Robotaxi miles doubled sequentially in Q1 – Cybercab will begin replacing Model Y fleet once in production & be the largest volume vehicle in the fleet over time – Continuing to lay the groundwork for expanding into new cities (testing, permitting), so we can launch quickly once ready. Safety remains top priority – Expanded unsupervised ops in Austin & launched in Dallas & Houston in April FSD Supervised – Record net new FSD subscriptions in Q1 – Received approval to deploy FSD Supervised in the Netherlands in April, clearing the path for potential approval in other EU countries – Continuing to make progress on approval in China Automotive Services – Safety Score v3.0 enables every mile driven with FSD Supervised engaged to receive a score of 100. Higher Safety Score over time = lower premiums for Tesla Insurance customers

#BloombergHouse# returns to Davos for the third time, creating a space that unites global leaders and focuses on what will define 2026. Across four days of conversations, briefings and insightful discussions, we will explore the forces shaping economies, markets, technology, energy and geopolitics to help leaders navigate the year ahead. From breakfast roundtables and podcast tapings to thoughtful evening receptions, Bloomberg House offers an immersive setting for candid dialogue and new connections. #WEF26#

Higher gasoline prices and mounting geopolitical tensions are doing little to slow the American consumer — at least judging by the latest results and commentary from Uber Technologies and The Walt Disney Company. The two companies pointed to a remarkably resilient spending backdrop, with consumers continuing to shell out for rides, food delivery, vacations and theme park trips even as oil prices climb and broader concerns about the economy linger. More details: