Tesla posted record Q3 revenue but a sharp profit drop as U.S. buyers rushed to lock in the $7,500 EV tax credit before it expired on 30 Sept. Higher costs from new import tariffs and rising AI/robotics R&D spend weighed on margins.

Winners

Diversified U.S. automakers (strong ICE/hybrid mix; potential share gain as EV credits lapse and Tesla prioritizes volume over margin)

Companies: $F, $GM.

Reason: with federal incentives gone, near-term EV demand may soften versus hybrids/ICE, where Ford and GM are competitive; rivals also saw stronger U.S. sales growth versus Tesla during the period.

AI compute & servers (benefit from automakers’ rising AI/robotics capex)

Companies: $NVDA, $SMCI.

Reason: Tesla flagged a 50% rise in operating expenses tied to AI/R&D; the company is ...