Tech
Only Apple Has Shed More Market Cap Than Tesla This Year
Sherwood News
Apple in my Eye

Only Apple has lost more value than Tesla this year

Tesla lost $380 billion in market cap this year. Apple lost twice that.

Rani Molla

Elon Musk’s public beef with President Donald Trump yesterday helped eviscerate a record $152 billion from Tesla’s market cap. And that’s only the latest trouble for the electric vehicle company.

Tesla has been having a very bad year so far. Despite promising a “return to growth” in vehicle sales this year, Tesla saw its biggest quarterly decline in deliveries ever in the first quarter. As a result, its Q1 earnings fell short of even lowered analyst expectations.

The company’s brand perception plummeted along with its CEO’s ascension to his position at DOGE as people around the world boycott the company. And despite what Musk has said to the contrary, Q2 sales aren’t looking good either.

Additionally, the company is facing increased competition from US automakers and China EV companies like BYD, while its aging lineup of inventory languishes in parking lots. It’s also facing pressure from tariffs on materials shipped from Canada and Mexico. Then, of course, there’s Trump’s “big, beautiful bill,” which could threaten about half of Tesla’s profits, JPMorgan calculated. Analysts expect deliveries and sales to decline this year compared with 2024.

All of this has combined to take a big hit to Tesla’s stock price and valuation.

Since December 31, 2024, Tesla has lost a total of $380 billion in market cap, according to data from FactSet from market close yesterday. To put that in context, only Apple, which has also had a terrible, no-good year thanks to Trump’s tariffs and trade war, has lost more in absolute market value. Of course, Apple is 3x the size of Tesla and as a result has much more to lose.

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Jon Keegan

Report: US Treasury wants to get a look at Anthropic’s Mythos model

Anthropic’s relationship with the US government is complicated — and the Treasury Department is reportedly looking to make it even more so.

The Pentagon has officially deemed the startup a national security supply chain risk after it refused to allow its Claude AI to be used for any and all national security applications, including domestic surveillance and autonomous killing.

But since Anthropic’s unusual announcement of its next model, Mythos, other parts of the US government want to get their hands on it.

Bloomberg reports that the US Treasury is interested in getting access to Mythos for its own security testing. Last week, Treasury Secretary Scott Bessent summoned top Wall Street CEOs to Washington to discuss the cybersecurity implications of the new model.

Mythos has not yet been released to the public, as Anthropic has deemed its potential offensive cybersecurity capabilities to be too dangerous for wide release, and has opted to share the powerful new model only with a group of leading tech companies.

Anthropic wants these early access partners to test out the model, hoping to secure any major vulnerabilities before a public release. OpenAI also shared a forthcoming AI-powered cybersecurity tool with a select group of partners to shore up defenses in light of advances in detecting vulnerabilities.

European regulators were apparently left out of the loop from the Mythos announcement, and are also eager to test the new model.

US Treasury Seeking Access to Anthropic’s Mythos to Find Flaws

US Treasury Seeking Access to Anthropic’s Mythos to Find Flaws

But since Anthropic’s unusual announcement of its next model, Mythos, other parts of the US government want to get their hands on it.

Bloomberg reports that the US Treasury is interested in getting access to Mythos for its own security testing. Last week, Treasury Secretary Scott Bessent summoned top Wall Street CEOs to Washington to discuss the cybersecurity implications of the new model.

Mythos has not yet been released to the public, as Anthropic has deemed its potential offensive cybersecurity capabilities to be too dangerous for wide release, and has opted to share the powerful new model only with a group of leading tech companies.

Anthropic wants these early access partners to test out the model, hoping to secure any major vulnerabilities before a public release. OpenAI also shared a forthcoming AI-powered cybersecurity tool with a select group of partners to shore up defenses in light of advances in detecting vulnerabilities.

European regulators were apparently left out of the loop from the Mythos announcement, and are also eager to test the new model.

Nate Becker
16h
Quantum stocks rip as IonQ discloses new contracts, hits benchmark milestones

It’s also World Quantum Day.

Quantum Computing illustration
tech
Rani Molla

Report: SpaceX’s satellite internet business is propping up its rocket and AI businesses

Ahead of SpaceX’s highly anticipated IPO in June, new reporting from The Information reveals just how dependent the rocket and AI company is on its internet business.

According to the report, in 2025, Starlink generated $11.4 billion in revenue and $7.2 billion in adjusted EBITDA — a striking 63% margin — making it SpaceX’s only meaningful source of profit.

By contrast, the company’s core rocket launch business and its recently acquired AI unit, xAI, lagged far behind financially. The space launch business generated $4.1 billion in revenue and about $700 million in adjusted EBITDA, while the AI segment brought in $3.2 billion in revenue but lost roughly $1.2 billion on an EBITDA basis.

In other words, Starlink accounted for most of SpaceX’s revenue — and more than all of its adjusted profit.

Starlink’s profitability is already attracting rivals. Amazon on Tuesday agreed to acquire satellite company Globalstar in an effort to more directly compete with Starlink.

Jon Keegan
4/13/26
Stanford AI report: Model capability accelerating, China has closed the gap with the US

Stanford’s annual AI Index Report says “leading models are now nearly indistinguishable” from each other, and benchmarks used to evaluate them are falling behind their accelerating capabilities.

Cube in hands
tech
Rani Molla

Meta will surpass Google in ad revenue this year, new industry data shows

In a world supported by digital ad dollars, Meta may soon be king. The Instagram owner’s net digital ad revenues are expected to hit $243.5 billion in 2026, surpassing Google’s projected $239.5 billion, according to new data from eMarketer.

The shift is happening as Big Tech companies, including Meta and Google, are increasing their spending on AI in hopes that AI will grow their top and bottom lines.

On the company’s last earnings call, Meta CFO Susan Li credited AI with driving performance gains, and said that growth will continue: “We expect the set of investments we’re making in 2026 will enable us to drive further gains as we continue to integrate AI across all layers of the marketing and customer engagement funnel.”

“In surpassing Google, Meta has essentially had many of its core strategies validated,” said Max Willens, principal analyst at eMarketer. “Meta has long understood that scale, network effects, and habits are more important than anything else in digital media. It has carefully built and defended the advantages it has in all three areas.”

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