Technically, Tesla can already enable unsupervised FSD in customer-owned vehicles inside approved geofenced areas such as Texas. If a car leaves those boundaries, Tesla can simply reactivate the driver-attention monitor and revert the system to supervised FSD. There are no fundamental technical barriers to this approach. Once deployed, FSD take rates in these regions should rise sharply as the productivity gains for drivers become dramatic.

Tech is back in record territory. Nasdaq 100 rises 0.8% to 30,732, its first record since June, as chipmakers rally and oil falls on hopes of an end to the Iran war. Next test: this week’s Trump-Xi summit. The bigger picture: a 29,521% total return since Feb 1985, the index’s launch; 14.6% annualized. W/dividends reinvested, $10,000 would have grown to almost $3mln, despite the dot-com crash, financial crisis & pandemic.

Technology remains the clear market leader with strength concentrated in fiber optics, semiconductors, data storage, networking, hardware, machinery, and selected medical groups. Energy and Transportation have been notable laggards. At the same time, we have a market that is severely bifurcated. Applying the Cycle Composite concept across the major indexes highlights just how significant the divergences have become. The Nasdaq Composite has deviated considerably from its historical seasonal pattern, while the Dow has tracked its composite more closely. The Russell 2000, meanwhile, has been in a relatively steady downtrend over the past five weeks. The more important message is what is occurring beneath the surface. The average stock has experienced seasonal weakness much closer to the Cycle Composite pattern than the capitalization-weighted S&P 500. RSP, MDY, and IWM remain 5%–7% below their highs, while only 37% of stocks are above their 30-week moving averages, down sharply from 63% in August. This type of narrowing participation and divergence can occur around market tops, although it does not necessarily mean a top is in place. The question is: are we experiencing a stealth correction that is near the end, or a more serious warning. Until breadth and participation improve, we remain patient and highly selective, concentrating on quality stocks displaying strong relative strength and holding key support levels. We continue to hold a small list of longs that have held stops and performed well. Names include: $TWLO, $DE, $MRK, $TEVA, $TGTX, $HTFL - this morning we reduced our $IWM short/hedge and took off our overweight.

Tech giants such as Meta and OpenAI are racing to build AI devices that can see and hear the world. But a growing privacy backlash, especially over Meta's Ray-Ban smartglasses, is forcing companies to rethink cameras and data handling before consumers buy in