Good afternoon and welcome to Markets Desk.
Tesla disclosed it generated five hundred seventy three million dollars in revenue last year selling vehicles and battery products to SpaceX and xAI, both controlled by Elon Musk. The arrangement is drawing fresh scrutiny from investors already concerned about conflicts of interest across Musk's interconnected empire, and it raises legitimate questions about governance at the automaker.
Shifting to the broader EV landscape, China's electric vehicle makers are moving beyond the price war that has hammered margins across the industry, pivoting aggressively toward in-car artificial intelligence as the next competitive battleground. The catch is that those AI features are commoditizing nearly as fast as they roll out, leaving manufacturers searching for durable differentiation.
And in index news, Veeva Systems is set to join the S&P five hundred, sending shares sharply higher on the announcement. The cloud software company serves the life sciences industry and has long flown under the radar relative to larger enterprise peers. Index inclusion forces passive funds to buy the stock, creating immediate mechanical demand and a meaningful re-rating moment for long-term holders.
That's the tape. Markets Desk, signing off the floor.
