Gary Black | Investment Adviser

Managing Partner, The Future Fund LLC, SEC registered investment adviser. CEO/CIO/PM.

[Gary Black | Investment Adviser @garyblack_IR]

$TSLA 3Q IR-compiled consensus deliveries is 461,972 -7% YoY. Recall, the $7,500 EV credit expired on 9/30/2025, which likely triggered stepped-up buying in 2025 3Q. $TSLA is expected to announce 3Q deliveries before the market opens on Fri 10/2.

https://t.co/8s44TUN39V

[Gary Black | Investment Adviser @garyblack_IR]

Aug PCE inflation came in cooler than expected (+0.2% vs +0.3%E headline and core), sending the 10yrTY lower (-1.7bp to 5.22%) and boosting equities (SPX +0.4%, NDX +0.4%) pre-mkt. July PCE was revised downward (+0.1% vs +0.2% prior). This should help growth stocks today.

[Gary Black | Investment Adviser @garyblack_IR]

Odds of a 25bp Fed rate hike at their Oct 27-28 meeting -- one week before midterms — have dropped from 70% to 35% following today’s lower than expected Aug PCE inflation reading.

[Gary Black | Investment Adviser @garyblack_IR]

$META AI agent Muse soars to #1 at Apple Apps store, ahead of Chat GPT.

[Gary Black | Investment Adviser @garyblack_IR]

Investors continue to view $UBER as better positioned than $TSLA to capitalize on the global shift toward unsupervised autonomous driving. YTD $UBER is -11%, $TSLA -19%, although both lag NDX +15%.

[Gary Black | Investment Adviser @garyblack_IR]

MacRumors: $AAPL foldable phone will be called iPhone Duo, and start at $2,000. Event
today starts at 10am PT.

https://t.co/Zf2c48MOj9

[Gary Black | Investment Adviser @garyblack_IR]

New bi-fold and tri-fold cell phones from Huawei, Samsung, and $AAPL could trigger a huge upgrade cycle in the cell phone industry, depending on final monthly cost from the carriers. Delivered cost $2,300-$2,800.

https://t.co/QnebPja6cY

[Gary Black | Investment Adviser @garyblack_IR]

John is a long-time $TSLA bull who attacks anyone who questions the TSLA bull story. I was right in making $TSLA one of my biggest long positions from 2019-2024, and have been right to be cautious from 2025-today as competitors have copied TSLA's success.

[Tesla Owners Silicon Valley @teslaownersSV]

Tell me you know nothing without telling me.

[Gary Black | Investment Adviser @garyblack_IR]

After most $TSLA events, TSLA stock sells off the next day, because expectations before the event run too high and the actual deliverables don’t match the hype. So far, the Cybercab event tonight (which is actually the second Cybercab launch; the first was October 10, 2024

[Gary Black | Investment Adviser @garyblack_IR]

$AVGO now +2% AH as investors responded favorably to the company’s AI rev growth guidance. AVGO CEO Hock Tan on the earnings call: “AI chip demand is higher than what we can ship.”

[Gary Black | Investment Adviser @garyblack_IR]

$AVGO -7% AH after 3Q results beat ests but 4Q rev guidance fell slightly short of analysts’ expectations ($34.8B vs $35.0B est). Importantly, 3Q AI rev of $16.7B beat 3Q ests of $15.9B and 4Q AI Rev guidance (which caused $AVGO stock to decline -12% after 2Q results)

[Gary Black | Investment Adviser @garyblack_IR]

Not sure why otherwise smart people like @farzyness don’t get this about $UBER - more autonomous vehicles from multiple manufacturers will allow $UBER to offer cheaper self-driving options to compete with $GOOG $BIDU $PONY $WRD $AMZN $NVDA and $TSLA

[Gary Black | Investment Adviser @garyblack_IR]

US stocks mixed pre-market after Warsh’s hawkish Jackson Hole speech lifted September rate hike odds to 62%. I am skeptical the Fed will move in September given slowing jobs and stable inflation. Brent rose 2% on renewed US-Iran strikes. 2- and 10-yr treasury yields eased.

[Gary Black | Investment Adviser @garyblack_IR]

Trump has no one to blame but himself for choosing inflation hawk Kevin Warsh as his Fed Chair, whose past economic and policy pronouncements and speeches clearly showed his hawkish leaning pre-selection.

[Gary Black | Investment Adviser @garyblack_IR]

2/ WSJ Op-Ed 8/7/2026

[Gary Black | Investment Adviser @garyblack_IR]

U.S. equities were flat pre-market ahead of $NVDA earnings, July PCE data, and Fed Chair Warsh’s Jackson Hole speech. Oil fell further on Iran-Oman Hormuz re-opening talks; treasury yields edged higher while BTC rose. Chip stocks mixed; $META gained on state AG settlement talks.

[Gary Black | Investment Adviser @garyblack_IR]

Huge disconnect between $TSLA bulls’ over-the-top autonomy expectations and $TSLA stock price. which has underperformed for 5 years (TSLA +51%, NDX +98%). It’s not that $TSLA won’t some day solve for unsupervised autonomy.

[Gary Black | Investment Adviser @garyblack_IR]

I rarely see $TSLA bulls on X posting on whether TSLA is cheap or expensive. It seems that since they love the products and leadership team they don’t care about the valuation. But at a 2026 P/E of 200x and long-term expected growth of +35%

[Gary Black | Investment Adviser @garyblack_IR]

For $TSLA bulls who complain I never post anything positive on $TSLA:
L
1/ go back to 2019-2023 when I was a huge TSLA bull; I posted positive thoughts on TSLA several times a week (how do you think I amassed 500K followers)?

[Gary Black | Investment Adviser @garyblack_IR]

U.S. stocks were mixed pre-market as brent crude rose +2.1% to $90/bbl on Trump’s tough Iran demands, clouding a Hormuz reopening deal.