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1. Tesla’s valuation has always been about the future. But its present has rarely looked more bleak.

Tesla reported Q1 EPS of $0.12, way below estimates.

Deliveries are down. Market share is slipping fast.

Global deliveries fell 13% Y/Y in Q1 as the Model Y redesign collided with political backlash and growing consumer fatigue. That’s especially striking in a BEV market estimated to have grown over 20% in the same period. Chinese rivals like BYD are surging. In Europe, Tesla registrations dropped over 40%. And Wall Street is losing patience—TSLA is down 50% from its peak.

Meanwhile, Musk said he expects to sell fully autonomous rides in June in Austin and expects to become profitable on self-driving in the second half of next year. He believes Tesla will be the most valuable company in the world by far, worth more than the next five firms combined. He said by 2030, Tesla will build one million Optimus robots a year.

2. Gold surged to an all-time high of $3,500 an ounce.

Gold may be “the only true safe-haven asset left” as investors question US assets, including Treasuries, according to Jefferies. “With the recent selloff in U.S. Treasuries, and a view that Treasuries are inextricably tied to tariffs, a trade war with China, and the U.S. fiscal situation, we believe gold is the only true safe-haven asset left,” Jefferies analysts said in an April 22 note.

For now, the outlook for bullion in 2025/26 stays at $3,000/oz, with a long-term forecast of $2,500/oz, analysts wrote. Gold’s blistering rally to a record has made it prone to sharp selloffs, with prices seen falling toward $3,100 an ounce in the near term as the market has become highly overbought, according to Commtrendz Research.

Also, Trump said he had “no intention” of firing Fed Chair Jerome Powell. At least not today, anyway.

3. Weekly earnings revisions have turned negative again in both the US and in Europe, reflecting the growing concern around corporate profits.

Typically, reducing earnings projections are consistent with lower P/E multiples. Both of these are likely to pressure the equity performance over the next months, and arrest the recent equity recovery, which was aided in part by the oversold technical positioning.

4. Berkshire Hathaway holds more cash than any company in history: about $318 billion.

That got turbocharged last year when Berkshire sold a chunk of its stock portfolio—notably Apple. With markets wobbling and a recession possible, the resulting cash pile has benefited Berkshire investors: Its stock is beating the S&P 500 by nearly 25 percentage points this year.

Unleashing that cash is complicated, though. “His opportunity set is pretty small,” says newsletter writer Alex Morris, author of “Buffett And Munger Unscripted.” With a market value over $1 trillion, it takes a lot to move the needle.

Also, his most important indicator suggests US stocks are exceptionally expensive. The S&P 500 recently traded around 168% market cap-to-GDP vs the global equity markets at around 90%.

5. India has a golden opportunity to capture U.S. business from China.

Indian officials in New Delhi are signaling they plan to be more open to Western businesses and are moving for a quick trade deal with the U.S.

The country wants to emulate what has made China the world’s unparalleled manufacturing powerhouse by offering not just manual assembly of goods but also design, parts and other knowhow.

“You think about China 30 years ago and Vietnam now, you have government officials in their localities waking up every day thinking, ‘How can I make it easier for companies to come here and invest?’” said an executive with a U.S. firm long active in India.

Also, most Indian goods face only the 10% tariff Trump has imposed globally, and certain exempted electronics such as iPhones have no tariff. The tariff on most Chinese goods is 145% while those electronics items are subject to a 20% rate.

Smartphones offer an example of what India can do when it puts its mind to it. A decade ago, when India started focusing on building phones, its annual mobile-phone exports were only about $250 million. Now the figure is more than $22 billion, with Apple accounting for about three-quarters of that.

And with a PEG ratio of 1, India is a bargain.

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