周周zh

Tesla Q3: Profits plunge 43%, but the market is focused on more than just cars.

Tesla reported its third-quarter 2026 results, with a sharply mixed performance.

Key figures:

Revenue: $28.046 billion, essentially flat year over year.
GAAP net income: $787 million, down 43% year over year.
Operating income: $718 million, down 56% year over year.
Gross margin: 19.6%, up 1.6 percentage points year over year.
Free cash flow: $1.531 billion, significantly better than market expectations.

The problems lie in growth and expenses.

Automotive deliveries fell 2% year over year, automotive revenue declined 3%, and energy storage revenue fell 16%.

Meanwhile, operating expenses rose 39% year over year, with spending on AI and robotics R&D, stock-based compensation, and other costs continuing to erode profits.

That said, there were also some notable developments in this earnings report.

Active FSD subscriptions reached 1.74 million, up 67% year over year; FSD adoption among new vehicle deliveries in North America exceeded 75%.

Cybercab has joined the Robotaxi fleet in Austin, and Optimus has begun early production-line runs.

My take:

Tesla is transforming from an automaker into an AI, autonomous driving, and robotics platform, but the commercial payoff from this transformation is still significantly behind market expectations.

The key tension is that profitability in the traditional automotive business is declining, while the newer businesses have yet to contribute meaningfully to profits.

In the short term, I don’t think this earnings report will be enough to fully reverse the pressure on the fundamentals.

I remain bullish on autonomous driving and robotics in the long term, but Tesla now needs to deliver actual revenue, profits, and cash flow—not just technology demos.

$TSLA

Meta’s personal AI agent, Muse, has been live for just six weeks, and its North American user base has already topped 10 million.

Shopping has become its most popular use case: over 25% of weekly active users shop with it, spending an average of more than $200 per purchase.

Americans are already using Muse to compare prices, buy things, and handle everyday tasks.

Meanwhile, everyone in China is resorting to workarounds to use Muse—either connecting through a VPN or finding ways around the restrictions. I’m exhausted.

$META

Sam's kitchen wet wipes are truly recommended

One sheet 200mm×270mm

Big and thick, and can remove grease

Wipe the stove after cooking

Wipe the table after finishing the meal

Absolutely amazing!

CATL's A-shares closed down 12.03% today at 227.90 yuan, with full-day turnover of 32.439 billion yuan.

The company's third-quarter revenue grew nearly 60% year over year, yet its share price plunged after the earnings report. What went wrong?

Key figures for Q3 2026:
Revenue: 165.221 billion yuan, up 58.58% year over year.
Net profit attributable to shareholders: 21.246 billion yuan, up 14.54% year over year and down 5.77% quarter over quarter.
Gross margin: 20.69%, compared with about 25.80% in the same period last year.
Operating cash flow for the quarter: about 1.409 billion yuan, versus about 21.973 billion yuan in the same period last year, down roughly 93.6% year over year (calculated by subtracting the first-half cumulative figure from the first-three-quarters cumulative figure for each year).

Third-quarter sales of power and energy storage batteries still exceeded 260 GWh, showing that demand hasn't disappeared. But the company itself also cited the impact of product mix, consumption tax, and export tax rebate adjustments on per-unit profitability. Pressure on cash flow was related to shortening supplier payment cycles and increasing advance payments, among other factors.

I still believe in CATL's economies of scale. But the stock is no longer being valued purely on shipment volumes; investors are looking at how much profit and cash the company can retain for every kilowatt-hour it sells.

Even so, its market capitalization remained above 1 trillion yuan at today's close. By contrast, BYD has the same energy storage and battery businesses, plus a vehicle business, yet its market cap is already down to 700 billion yuan...

#A股 #财报季
$TSLAB

In Taizhou, Zhejiang, two brothers were diagnosed with colorectal cancer one after the other. One could only use chemotherapy to keep the disease at bay, while the other was discharged after about a week!

By the time the older brother found out, the cancer was already at an advanced stage and had spread to his liver. Chemotherapy was the only way to control it.

The 44-year-old younger brother often accompanied him to the hospital. A doctor warned him that people with a family history of colorectal cancer should get a colonoscopy early.

He had assumed he was fine because he could eat and sleep normally and felt no discomfort.

But a checkup revealed a tumor in his rectum that was already taking up about three-quarters of the intestinal lumen. He was ultimately diagnosed with rectal cancer.

Fortunately, there was no sign that it had spread. He underwent surgery in time and was discharged about a week later.

This made me realize that many people don’t neglect their health—they simply put too much faith in how their bodies feel.

They think that if nothing hurts or itches, and they can eat and sleep, they must be healthy.

But some cancers may have been developing for a long time before obvious symptoms appear.

If your parents or siblings have had colorectal cancer, you should get screened early.

And annual health checkups are essential, too!

$BNB

SpaceX revenue surged 161%, and I believe this company is nowhere near its growth ceiling!

SpaceX just released its financial results for the third quarter of 2026, and several figures are striking:
Quarterly revenue was $14.575 billion, up 161% year over year. Net profit was about $4.4 billion, compared with a loss of about $1.1 billion in the same quarter last year.
But what interests me more than how much the company earned this time is how much further SpaceX can grow.

First, Starlink.
Consumer subscriptions reached 13.6 million. The connectivity business, which includes Starlink, generated $5.248 billion in quarterly revenue, up 69% year over year, and $2.367 billion in operating profit.
This shows that Starlink is no longer just a satellite internet project that burns cash. It has become a business with genuine large-scale profitability.

Next, AI.
The superintelligence business generated $7.56 billion in quarterly revenue, up 830% year over year—more than the connectivity business that includes Starlink. Of course, the acquisition of Cursor and new cloud service contracts also contributed to this figure, so it shouldn't all be interpreted as organic growth.

Finally, Starship.
In the third quarter, it completed its first revenue-generating mission, sending 26 Starlink V3 satellites into orbit. This means the next-generation rocket is not only a technological breakthrough but is also gradually becoming part of real commercial operations.

This is why I’m bullish on SpaceX over the long term.
It’s not just a rocket company.
Its rockets lower the cost of space transportation, Starlink is building a global communications network, and its AI business is opening up new avenues for growth.
What's more, these businesses aren't entirely independent; they could eventually form a mutually supportive commercial ecosystem.
The biggest pressure right now comes from the scale of investment. Capital expenditures alone reached $19.593 billion in the third quarter, exceeding revenue for the quarter. It will take time to prove whether these investments can be turned into sustained cash flow.

But I believe SpaceX’s greatest appeal is that its mature businesses are already generating substantial profits, while its newer businesses are still expanding rapidly.
In the short term, the stock price may be affected by its high valuation and capital spending, but I remain bullish over the long term.
If you look only at profits over the next quarter or two, you may underestimate SpaceX. But looking at its business footprint over the next 5 to 10 years, its story is clearly far from over.
$SPCX #SpaceX #starlink

This is basically gambling.

Bought this morning and didn’t have time to keep an eye on it—got completely wiped out in one go 😂$BNB
#BinanceOracle

I drive a Buick Regal, and even now I still think it has a great-looking design that stands the test of time. I’ve always liked the solid, substantial feel of American cars.

But after reading General Motors’ $GM latest earnings report, I realized that the way the company makes money today is quite different from the GM we’re used to seeing in China.

In the third quarter of 2026, GM brought in $50 billion in revenue, up just 2.9%. But adjusted automotive free cash flow rose 40% to $5.882 billion.

Most of that money still came from North America. Pickup trucks and SUVs sold well, and the region’s adjusted operating margin rose from 6.2% to 8.7%.

By contrast, GM sold just over 358,000 vehicles in China in the third quarter, compared with nearly 470,000 in the same period last year—a drop of almost 24%.

New energy vehicles now account for more than 60% of its sales in China. But competition is so intense that even when cars sell, they’re not as profitable as they used to be.

Quarterly earnings from GM’s joint ventures in China also fell from $80 million to $32 million.

GM also announced a long-term, $20 billion share repurchase plan and raised its full-year cash flow outlook.

Yet the stock fell after the earnings report. The market is worried about rising costs and the pressure of updating its model lineup.

My view is that GM isn’t in trouble; its most profitable market just isn’t China anymore.

As a Regal owner, I still have a soft spot for the brand. But from an investment perspective, what’s more worth watching is how long its high-profit North American business can keep going.

$GM

Margin financing in the A-share market fell by 8.4 billion yuan over two consecutive days.

As of October 20, the margin financing balance on the Shanghai and Shenzhen stock exchanges stood at 2.44 trillion yuan. It fell by 6.26 billion yuan on the 19th, then declined by another 2.141 billion yuan on the 20th.

Although the balance has fallen for two consecutive days, the cumulative drop was only 0.34% relative to the 2.44 trillion yuan in margin financing—not a large-scale retreat.

My view is that leveraged investors remain somewhat cautious, but the pace of their retreat has slowed. If the margin financing balance starts rising again, that would be a positive signal for the sustainability of the A-share market rally.

$BTC $TSLA

The BYD you can get for just 60,000 yuan is now this competitive!

The second-generation Seagull has officially launched, with a suggested retail price of 65,900–99,900 yuan, or as low as 62,900 yuan for eligible trade-ins.

This isn’t just a simple cosmetic refresh—it’s a genuine upgrade:
- 2,650 mm wheelbase, upgraded from 4 seats to 5
- New 94 L front trunk; fold down the second-row seats to expand rear cargo capacity to a maximum of 1,380 L
- Rear-wheel drive, rear multi-link independent suspension, and a 95 kW motor
- Up to 420 km of CLTC range on higher trims, with flash charging support; 320 km on the entry-level trim
- Higher trims can be equipped with lidar and God’s Eye B, with navigation-assisted driving on highways and expressways
- Also available: ventilated and heated seats, driver’s seat massage, 50 W wireless charging, and more (features vary by trim)

Before, buying an EV for 60,000 yuan was all about saving money and getting around.

Now BYD has brought generous space, a better chassis, flash charging, and advanced driver assistance down to this price point.

This combination of price and features is seriously hard to beat!

#比亚迪 #Seagull

$BYD

The new Solana token $WEFT has made it onto Binance Web3’s social trending list.

Its current popularity index is 17,137, up 26.88% over the same period, with a market cap of around $1.04 million.

Social buzz is picking up, and the token price is rising along with it. But its market cap is still small, so add it to your watchlist for now and see whether this wave of interest lasts.

TSMC’s earnings report shows impressive growth, but there’s also a change worth watching.

In Q3 2026, net income grew 68.7% year over year, while revenue reached $46.72 billion, up 41.2%. Earnings per ADR were $4.60.

Advanced process nodes of 7nm and below already accounted for 79% of wafer revenue, with 2nm making up 8%.

More importantly, TSMC expects Q4 revenue to reach $52.3–54.3 billion, a substantial increase from Q3. This shows that demand for AI and advanced process nodes remains strong.

However, profit margins are starting to face pressure.

Q3 gross margin was 66.4%. Although significantly higher year over year, it declined by 1.3 percentage points quarter over quarter. The main reason is the cost of ramping up 2nm capacity, and overseas fab costs will also continue to have an impact.

My view is that TSMC isn’t short on demand right now. The real test is whether it can expand capacity on a large scale while protecting its margins.

Q4 gross margin guidance is 65%–67%. Let’s see if it can hold steady!

I remain optimistic about TSMC over the long term.

$TSM #美股 #台积电 #EarningsReport

It’s called Google AI Pro either way, so why can’t you use Gemini 4 Argon?

If you got Google AI Pro through:
- A Pixel purchase
- A Jio plan
- A student offer

you won’t be able to access Gemini 4 Argon in Antigravity.

Can’t Google standardize the names and access permissions like other companies do?

$GOOG $AAPL

When I was a kid, a good meal felt like a special occasion. I’d look forward to it for days.

Now I scroll through food delivery apps until my hand aches, and still can’t decide what to eat.

In the end, I still order from the same few places.

$BTC $BNB

$DAWG 24-hour price +7,791.78%, 24-hour trading volume approximately $4,060,588, and pool liquidity approximately $217,728.

Just send it

South Korea was the first to buckle 🥲

South Korea’s Financial Services Commission says the market is overreacting $BNB

Yesterday, SOL officially opened an office in Shanghai and even put up an ad in the building. This is China, after all—truly unbelievable! The future is here!
$SOL Current price: 104.13 USD; trading volume over the past 24 hours: approximately 235,053,246 USDT; price change over the same period: -3.19%.

Whoa, another huge drop $SNDKB

It broke below support—dare you catch the falling knife?

Let me check when the cashback will arrive!
$BNB