Stocks Open Mixed as Investors Eye Tesla Vote

U.S. equities opened on a divided note Thursday: the Dow inched up about 17 points (0.04%) to 47,328, the S&P 500 eased 0.1% to 6,790, the Nasdaq Composite slipped 0.26% to 23,439, and the Russell 2000 edged down 0.10% to 244.4. Commodities were firmer, with Dec ’25 crude up roughly 0.2% near $59.71 and Dec ’25 bullion adding 0.6% to about $4,015 as of just after 9:30 a.m. ET.

👉 Watch 25% Will Go Bankrupt

Tesla holds its annual meeting today, where shareholders will weigh in on a new incentive package for Elon Musk and a proposed strategic investment in xAI. In a research note circulated ahead of the meeting, Wedbush said it expects overwhelming approval for the plan and argued the vote would “send a loud and clear message to Elon being ‘wartime CEO’ during this most important chapter of growth in Tesla's history as the AI Revolution is here.” The firm added that Musk’s award would be earned only upon achieving “extraordinary financial returns.” At the same time, the xAI tie-up aims to forge “one of the most powerful AI companies globally over the next 12 to 18 months.”

The package, as described by Wedbush, contemplates 423 million additional shares (12% of shares) that could lift Musk’s stake to 25% voting power if aggressive milestones are met: 20 million vehicles delivered, 10 million FSD subscriptions, and 1 million units each of robotaxis and Optimus humanoid robots, alongside ambitious adjusted-EBITDA hurdles. Wedbush maintains an Outperform rating and a $600 price target, framing today’s vote as a pivotal step toward Tesla’s autonomous and robotics roadmap.

Qualcomm added to the morning’s news flow with fiscal Q4 results that topped forecasts —$11.27 billion of revenue and $3.00 in adjusted EPS—while a $5.7 billion non-cash tax charge pushed GAAP to a net loss. Segment trends were constructive (Handsets +14%, Automotive +17%, IoT +7%), and guidance for the current quarter—$11.8B–$12.6B of revenue and $3.30–$3.50 in EPS—suggests momentum in premium Android devices. Management also pulled forward its data-center accelerator revenue plan to FY2027, highlighting deployments beginning in calendar 2026.

Hovering over the tape is the question of valuation. Apollo Global Management provided a chart plotting the Buffett Indicator (market cap-to-GDP) against the Shiller CAPE places 2025 near prior extremes seen in 2000 and 2007—a visual reminder that multiples are stretched even as AI-linked narratives drive capital toward perceived winners.