shareholders voted to provide Elon Musk with a $1 trillion pay package by a whopping 75%. Of course, for Elon Musk to get his $1 trillion pay package, he will have to enrich Tesla shareholders by expanding the company’s valuation sixfold to $8.5 trillion and boosting earnings 24-fold to $400 billion. So, expect a lot of hype about Robotaxis and Optimus robots in the upcoming years, so Musk can achieve the most lucrative executive pay package ever approved by shareholders.
Meanwhile, the Financial Times reported that ’s CEO Jensen Huang warned that China will beat the U.S. in the artificial intelligence race due to lower energy costs and less regulation. At a Financial Times Future of AI Summit, Huang cited that new AI rules by 50 states could result in “50 new regulations.” Huang’s concerns about China surpassing the U.S. in the AI race is not old news, which is why Nvidia has a Shanghai office and wants to expand its presence in China. Clearly, Huang wants the Trump Administration to help it with regulations and to get the states out of its way.
China announced that its exports dropped 1.1% in October, due largely to a 25% drop in exports to the U.S. Excluding the U.S., Chinese exports rose 3.1% in October. So now that Presidents Xi and Trump reached an agreement on tariffs, it will be interesting to see how Chinese exports rebound in November. October was the first drop in Chinese exports since February and appears to be an anomaly.
America has resumed leading the world, versus conforming to Net Zero and other initiatives that the European Union (EU) and Davos crowd pushed. In the U.S., we largely eliminated carbon taxes, are energy independent, and are poised to benefit from international companies running to America to escape oppressive rules and regulations. As an example, is boosting its investment in America due to the fact that the EU wants to fine it $2.95 billion for carbon emissions, so it has a big incentive to move as much of its manufacturing to America as possible. The fact that our 50 states compete with each other to attract all the onshoring that is unfolding is also very positive.
Demographics are also systematically destroying Asian and European economies due to shrinking households. This is accelerating the capital flight to America that President Trump has encouraged with his tariffs. In America, we are still pro-family (especially in the Mountain West and South) and creating new households that naturally boost economic growth.