Electric-vehicle stocks hit the skids as Trump threatens major revenue sources

The electric-vehicle complex is a sea of red this morning.

In one of the 25 executive orders issued on Day 1 of his second term, President Donald Trump seeks to “end the electric vehicle mandate” while eliminating state-level rules and subsidies that incentivize the production and purchase of EVs relative to ICE-powered cars.

The push to establish the supremacy of the EPA over state-level bodies (namely, California’s!) sets up a likely legal battle that, if successful, would threaten a major revenue source for electric-vehicle makers, including Tesla and Rivian. Other companies in the space, namely Nio and Lucid, are also seeing significant selling pressure.

Trump’s executive order also froze additional spending on charging stations, weighing on shares of ChargePoint.

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J. Edward Moreno

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Hims rises on revenue beat, discloses it’s again in partnership talks with Novo

Hims also disclosed on Monday that it’s in talks with Novo Nordisk to make the drugmaker’s weight-loss drugs available on its platform. Last time, that didn’t go so well.

Palantir posts ninth straight earnings beat, boosts guidance

Here’s how the numbers look.

Matt Phillips13h

Tasha Matsumoto

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Amazon and the AI trade sustain stock gains

Stocks kicked off what is historically their best month of the year on a positive note, with help from Amazon and AI.

PAMPLONA, NAVARRA, SPAIN - 2025/07/09: Morante de la Puebla, a bullfighter from Seville fights a bull from the Alvaro Nunez ranch in Pamplona's Plaza Monumental during the 2025 San FermÌn festival

Luke Kawa13h

Trump’s “impossible trinity” on AI and energy

Everyone loves a good trilemma.

In economics, the most famous of the genre was developed by Fleming and Mundell, which posits that you can only successfully achieve two of the following three objectives: the free flow of capital, a fixed exchange rate, and independent sovereign monetary policy.

George Pollack, senior US policy analyst at Signum Global Advisors, proposed a trilemma of his own to describe the Trump administration’s competing policy aims as a red-hot AI boom devours power and leaves households miffed by rising electricity bills.

He wrote:

“This note flags what we believe to be a simple reality whose salience will continue growing in US politics in coming months: the Trump administration, in its remaining three years will face a trilemma as the nation waits for its energy bet to play out — proving able to achieve two, but not all three, of the following objectives:

-Fulfill AI’s energy-appetite.
-Keep repressing renewable sources of energy.
-Appease American electricity consumers.”

As for evidence that the Trump administration is taking a fossil fuels-first approach while stunting renewables, Pollack pointed to the One Big Beautiful Bill Act, which shrinks access to tax credits for green energy, as well as the end to the federal pause on liquefied natural gas export permits. However, it would be “inaccurate and unfair” to blame President Trump’s policies for surging electricity prices in recent months, he added.

While the government has pursued the expansion of nuclear power as a way to solve this trilemma, the long lead times involved are incongruent with a short-term fix.

Palantir climbs toward a fresh record high ahead of earnings report

Traders and Wall Street are waiting to see whether Palantir’s latest numbers after market close today will continue to beat expectations.

Matt Phillips17h

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