Gold prices slipped on Wednesday, but were on track for steepest annual gains since 1979.

Silver prices more than doubled in 2025 even as the white metal retreated sharply on the last trading of the year. 

Meanwhile, the picture is quite different for crude oil. Oil prices were headed for its biggest annual decline since 2020. 

Among base metals, copper prices also retreated on Wednesday, but were on course for its biggest annual gain since 2009. The rally in 2025 saw the metal hit a series of record highs. 

At the time of writing, the three-month copper contract on the London Metal Exchange was at $12,473.15 per ton, down 1.3%. 

Precious metals’ stellar 2025

Despite a Wednesday slip, precious metals are set for a phenomenal year of gains. 

Silver and platinum prices have more than doubled, and gold’s record-high run has secured its strongest annual performance in over four decades.

Gold prices have seen an exceptional surge this year, climbing by approximately 65%—the sharpest annual increase since 1979. 

This significant rally is primarily attributed to several factors: US interest rate cuts and anticipated further monetary easing, rising geopolitical tensions, substantial purchases by central banks, and strong inflows into Exchange-Traded Funds (ETFs).

Following CME’s decision to increase margins on precious metal futures, prices have decreased from their recent highs as traders engaged in profit-taking.

“The non-interest-bearing precious metals, including gold lose ground as the Federal Open Market Committee (FOMC) December Meeting Minutes, released on Tuesday, indicated a deeply divided committee,” Akhtar Faruqui, editor at FXstreet, said in a report.

After three rate reductions this year, some Federal Reserve (Fed) officials suggested maintaining the current rate level for a period. 

Conversely, other policymakers believed that additional rate cuts would likely be warranted if inflation continued its downward trend.

Meanwhile, with a staggering year-to-date gain of over 145%, silver has significantly outperformed gold and is on track for its most successful year to date. 

This robust rally is fueled by several factors, including supply shortages, historically low inventories, burgeoning industrial and investor demand, and its recent classification as a critical mineral in the US.

At the time of writing, the silver contract on COMEX was at $71.487 per ounce, down 8.3%, while gold was at $4,324 per ounce, down 1.4%. 

Oil set for annual drop

Against the backdrop of concerns over supply disruptions and oversupply fears, oil prices rose on Wednesday, but are on track for an annual decline of over 15% in 2025. 

This slump was fueled by a year dominated by geopolitical conflicts, elevated tariffs, OPEC+ output dynamics, and sanctions imposed on major producers, including Russia, Iran, and Venezuela.

Brent crude futures are set for a third consecutive year of losses—their longest losing streak on record—with a substantial annual percentage decline of nearly 18%, the most significant drop since 2020. 

Similarly, US West Texas Intermediate crude is on track for an annual decline of 19%.

Jason Ying, a commodities analyst at BNP Paribas, forecasts that Brent crude will initially drop to $55 a barrel in the first quarter of 2026. 

However, he expects a recovery, with the price stabilising at $60 a barrel for the remainder of the year.

This prediction is based on the expectation that supply growth will normalise while demand remains unchanged.

“The reason why we’re more bearish than the market in the near term is that we think that US shale producers were able to hedge at high levels,” he was quoted in a Reuters report.

So the supply from shale producers will be more consistent and insensitive to price movements.

At the time of writing, the price of West Texas Intermediate crude oil was at $58.25 per barrel, up 0.5%, while Brent was also 0.5% at $61.61 a barrel. 

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Nvidia stock (NASDAQ: NVDA) climbed on Wednesday after Reuters reported that the semiconductor giant has asked Taiwan Semiconductor Manufacturing to ramp up production of its H200 artificial intelligence chips to fulfill massive pre-orders from Chinese tech companies.

Chinese firms have placed orders for more than 2 million H200 units for 2026 delivery, while Nvidia currently holds just 700,000 units in inventory.

This marks a significant supply gap that validates years of pent-up demand from the world’s second-largest AI market.

The production ramp represents one of the most concrete catalysts for AI chip demand in months, potentially reshaping revenue guidance and margin expectations for 2026.​

The move matters because it converts speculation about China’s AI demand into tangible supply orders.

With the Trump administration recently allowing H200 exports to China, Nvidia is positioned to capture a market that has been largely inaccessible due to US export restrictions.

The TSMC production ramp signals serious revenue visibility rather than wishful thinking.

Production is expected to begin in Q2 2026, meaning substantial shipments could materialise in the second half of the year.

Analysts interpret the ramp as a bullish signal for 2026 AI infrastructure spending, lifting optimism around Nvidia’s data-center segment and its competitive moat against rivals like AMD.​

Nvidia stock: Converting supply constraints into revenue opportunity

The H200 is Nvidia’s prior-generation Hopper architecture chip, produced using TSMC’s 4-nanometer process.

While newer than the export-restricted H20 variant (which delivered only one-sixth the performance), the H200 remains extremely attractive to Chinese cloud providers and tech giants, including Alibaba and ByteDance.

These companies view the H200 as a critical tool for developing competitive large-language models and AI applications, making it worth premium prices even with limited availability.​

The numbers paint a stark picture of demand intensity.

Chinese tech firms have ordered 2.05 million H200 chips against Nvidia’s 700,000-unit inventory, a 3-to-1 demand-to-supply ratio.

Pricing reportedly sits around $27,000 per chip, representing a 15% discount to grey-market alternatives currently trading above 1.75 million yuan per eight-chip module.

Nvidia plans to fulfill initial orders from existing stock, with the first shipments expected before the Lunar New Year in mid-February.

The scale of Chinese demand is so substantial that Nvidia has explicitly asked TSMC to queue additional production capacity specifically to meet this opportunity, signaling management’s conviction that the opportunity is real and sustainable.​

This production ramp occurs even as Nvidia prioritises its newer Blackwell architecture and next-generation Rubin chips.

The fact that management is dividing TSMC’s precious 4-nanometer capacity between legacy H200 production and cutting-edge next-gen products underscores the economic urgency of Chinese demand and Nvidia’s confidence in revenue visibility for 2026.

Key risks investors must watch

Nvidia shares rose approximately 1% on the morning news, with the stock trading near $188 to $192 per share.

Analysts broadly interpreted the production ramp as positive, noting that incremental H200 revenue flowing into 2026 would lift consensus estimates and support valuation multiples.

The average analyst price target stands at $256, implying 37% upside from current levels.​

However, investors must monitor several risks before assuming the rally is a sure thing. First, Beijing has not yet approved H200 imports into China, despite Trump’s export authorisation.

Chinese officials held emergency meetings in December and launched a government procurement list on December 10 that notably excluded foreign suppliers, suggesting ongoing hesitation.​​

Second, geopolitical risk remains elevated. Policy reversals or additional US export controls could disrupt the deal overnight.

Third, TSMC’s capacity constraints are real; adding H200 production could limit the availability of newer Blackwell chips for other customers, potentially creating supply bottlenecks elsewhere.​

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Tesla stock was mostly flat on Wednesday, the final trading day of 2025, capping a turbulent year marked by sharp swings in sentiment, record highs, and growing unease around the company’s core electric-vehicle business.

The stock recently notched an all-time closing high of $489.88, but the path to that level was far from smooth.

Tesla shares slumped earlier in the year amid intensifying competition, particularly from Chinese electric-vehicle manufacturers, as well as reputational fallout linked to CEO Elon Musk’s political rhetoric.

Despite the late-year rally, investors have turned cautious again heading into the company’s next key catalyst: quarterly delivery data.

Delivery expectations slide into year-end

Markets are bracing for a decline when Tesla reports its vehicle deliveries, with estimates steadily drifting lower in recent weeks.

The company-compiled consensus of 20 brokers forecasts deliveries of 422,850 vehicles.

By comparison, the FactSet consensus stands at roughly 440,000 vehicles, down from about 460,000 just a few weeks ago.

More recent analyst estimates have fallen closer to 415,000 units.

For context, Tesla delivered around 497,000 vehicles in the third quarter of 2025 and approximately 496,000 cars in the fourth quarter of 2024.

The anticipated drop highlights how dramatically demand conditions have shifted over the past several months.

A major driver of the slowdown has been the expiration of the federal electric-vehicle purchase tax credit, which was worth up to $7,500 and ended in late September.

The policy change made EVs more expensive overnight and pulled forward demand into the third quarter.

Tesla’s third-quarter deliveries of 497,099 vehicles marked a company record, but also set the stage for a weaker finish to the year.

Will the slow sales hurt the Tesla stock

Expected delivery declines, combined with recent trading patterns, have made investor reactions difficult to predict.

Coming into Wednesday’s session, Tesla shares had fallen for five consecutive days, shedding roughly 7% over that stretch.

Despite the pullback, the stock remains near record territory, reflecting investor optimism around Tesla’s longer-term ambitions, particularly in autonomous driving and robotaxis.

Still, the Cybertruck maker’s core EV business has struggled in 2025, even as its share price surged earlier this month.

Tesla was hit hard by the collapse in US electric-car sales following the expiration of the tax credit.

The slowdown is not confined to the American market.

Outside the US, Tesla faces fierce competition in China, where numerous local EV startups are offering high-tech vehicles at significantly lower prices.

In Europe, Tesla’s sales have fallen nearly 30% so far this year, amid consumer backlash tied to Musk’s political interventions.

The slump has left Tesla racing to avoid its second consecutive annual decline in global vehicle sales.

While the company has introduced incentives in the US and is pushing to expand its Full Self-Driving technology in China and Europe, delivery estimates suggest Tesla may end 2025 having sold more than 100,000 fewer vehicles than in 2024.

Michael Burry weighs in on valuation

Adding to the debate, renowned investor Michael Burry on Wednesday denied that he is short Tesla’s shares, despite calling the stock “ridiculously overvalued.”

In a post on X, the Scion Asset Management founder responded to a user asking whether he would bet against Tesla by saying, “I am not short.”

Burry, best known for predicting the US housing collapse ahead of the 2008 financial crisis, has recently attracted attention for short bets against parts of the technology sector, arguing that some large companies are using aggressive accounting to inflate profits tied to the artificial intelligence boom.

As Tesla heads into 2026, investors remain caught between near-term delivery concerns and long-term hopes tied to autonomy, leaving the stock perched at elevated levels but facing mounting scrutiny.

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The “Dogs of the Dow” strategy has staged a comeback, and Kevin Simpson of Capital Wealth Planning believes 2026 could be another strong year.

After a 17% gain in 2025, beating the broader Dow’s performance, Simpson is zeroing in on three names he sees as essential for income-focused investors: Amgen, Verizon, and Home Depot.

Each offers a different angle: from healthcare resilience to high-yield dividend and cyclical recovery potential.

Together, these three names represent the kind of balance that dividend investors crave heading into a year where stability and cash flow will matter more than chasing growth.

Amgen stock: healthcare strength with steady dividends

Amgen stock has emerged as one of Simpson’s top picks within the “Dogs of the Dow” for 2026.

The biotech giant – known for its portfolio of treatments in oncology and immunology – offers investors both defensive qualities and reliable income.

Simpson noted that the healthcare trade “really started to come to life at the end of 2025,” and Amgen is positioned to benefit from that momentum.

With a solid dividend yield of 3.08% and a track record of consistent payouts, the Nasdaq-listed firm provides a cushion against market volatility.

For investors seeking exposure to healthcare innovation while still prioritizing income, AMGN stands out as a blend of growth potential and stability.

Verizon stock: a high-yield anchor for income investors

For those prioritizing yield above all else, Simpson points to Verizon stock as a perennial favorite.

“If you’re a dividend player, VZ always seems to top that list,” he said, highlighting the company’s nearly 7% yield at the time of writing.

While Verizon’s growth prospects are modest, its slow-moving stock price actually translates into dependable cash returns.

The telecom giant’s forward multiple of 8.5 underscores its value orientation, making it attractive for investors who want predictable income rather than rapid appreciation.

In a market where volatility can erode confidence, VZ shares’ steady payouts act as a stabilizing force. For equity income portfolios, it remains one of the most reliable “Dogs of the Dow” in 2026.

Home Depot stock: significant cyclical rebound potential

Among the newcomers to the Dogs lineup, Home Depot stock is Simpson’s standout idea for 2026.

It has struggled in 2025, falling 11%, but the market veteran believes that if interest rates begin to normalize, the home improvement retailer could stage a significant rebound.

With its strong brand and dominant market position, HD shares are well-positioned to benefit from a cyclical upswing in housing and consumer spending.

Simpson underscored its potential, noting that normalization in borrowing costs could reignite demand for home renovation projects.

For investors willing to look past short-term weakness, Home Depot offers both dividend appeal (2.66% yield) and upside tied to broader economic recovery.

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European markets and politics closed the year on sharply diverging trajectories.

London stocks delivered their strongest performance since the financial crisis, while geopolitical and fiscal strains deepened across the continent.

Germany signaled a historic break from US security dependence, Russia’s latest battlefield claims drew widespread doubt, and Hungary’s capital slid into junk territory amid a bitter state funding standoff.

Together, the developments underscore a Europe ending 2025 stronger in markets, but more fractured strategically and fiscally.

FTSE 100 posts best year since 2009

London’s blue-chip index ended 2025 with a commanding 21.6% gain, its best annual performance since 2009, the post-crisis rebound year.

The FTSE 100 closed near 9,931 points, narrowly missing the psychological 10,000 mark but cementing five consecutive years of positive returns.

Mining stocks, particularly Fresnillo’s explosive 412% surge on gold and silver strength, alongside robust banking and defence performers, powered the rally.

The 22.8% total return with dividends easily outpaced the S&P 500’s 17.5%, turning skeptics quiet on the index’s supposed “old economy” tag.

With three-quarters of constituents delivering positive returns, the FTSE 100 proved resilient despite Trump tariffs, geopolitical chaos, and UK economic headwinds.

Merz warns US security reliance over

In his year-end address, Chancellor Friedrich Merz warned Europe that it can no longer depend on Washington to guarantee security.

He framed 2025 as an “epochal shift,” marked by a weakening transatlantic partnership, Russian aggression beyond Ukraine, and mounting cyber threats across the continent.

Merz stressed Germany and Europe must “defend and assert interests much more strongly ourselves,” rejecting the notion that Europe is a “pawn in the hands of major powers.

His rhetoric signals a dramatic pivot from decades of strategic dependence. Berlin is boosting defense to NATO’s 5% GDP target by 2035, mobilizing €1 trillion for military investment over a decade.

With US protectionism rising and Trump reshaping NATO expectations, Merz positioned 2026 as Europe’s opportunity to reassert independence while addressing inflation, migration, and economic stagnation at home.

Kremlin drone claim draws skepticism

Moscow’s accusation that Ukraine launched 91 drones at Putin’s Valdai estate in Novgorod drew near-universal skepticism from Western analysts and EU officials.

The Kremlin released grainy nighttime footage of a drone wreckage in snow, claiming a “carefully planned” strike, but the Institute for the Study of War found zero corroborating evidence, no typical aftermath footage that follows Ukrainian deep strikes.

Ukraine flatly denied the attack, calling it a fabrication timed to derail Trump-brokered peace talks just after Zelenskyy met the US president in Florida.

EU diplomat Kaja Kallas branded it a “deliberate distraction” from negotiations. Russia signaled it would stiffen negotiating demands, though no credible independent verification emerged.

Local residents near Valdai reported hearing nothing that night, contradicting Moscow’s witness testimonies.

Hungary’s capital slips to junk

Moody’s slashed Budapest to Ba1 junk status, making it the only major European capital in sub-investment grade, a stunning indictment of Hungary’s political-fiscal dysfunction.

The downgrade wasn’t about bad management; it’s about liquidity strangulation.

Mayor Karácsony claims Orbán’s government cut state transfers by 30% while hiking the city’s solidarity contribution to 89 billion forints (€230.5 million), forcing Budapest toward a 33-billion-forint deficit by year-end.

Orbán counters that wealthy Budapest should shoulder higher levies for poorer regions, but refuses aid unless the city admits insolvency, surrendering financial autonomy.

The standoff is vicious: Paris rates A+ and Berlin rates Aa1, but Budapest now sits below most Western European peers, signaling acute uncertainty and higher borrowing costs ahead.

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Markets are looking to kick off the year with a volatile mix of tech, geopolitics, speculative finance, and protectionism.

Nvidia is racing to meet surging Chinese demand for its H200 AI chips amid shifting export politics, while Trump Media leans into crypto with a controversial shareholder token.

India tightens trade defenses to shield steel inputs, and Bitcoin coils near a critical breakout level, setting the stage for sharp moves across equities, commodities, and digital assets.

Nvidia scrambles for more H200s as China orders explode

Chinese tech giants placed orders for over 2 million Nvidia H200 AI chips for 2026, dwarfing Nvidia’s 700,000-unit stockpile, including H200 superchips.

The Hopper powerhouse, packing 141GB HBM3e memory and 6x the punch of the blocked H20, is priced at $27,000 each, with first shipments eyed before the mid-February Lunar New Year.

Nvidia tapped TSMC to ramp 4nm production starting Q2 2026, navigating Trump’s export greenlight amid Beijing’s import review.

Major internet firms like Alibaba see it as a game-changer over grey-market rip-offs, potentially juicing Nvidia’s China revenue despite global Blackwell priorities.

Trump media eyes crypto play with shareholder token drop

Trump Media announced a digital token airdrop to DJT shareholders, one token per share, via Crypto.com’s Cronos blockchain, lifting the stock 4.7% on New Year’s Eve.

Token holders get periodic rewards through Truth Social, Truth+, and Truth Predict, but the tokens won’t be transferable or represent ownership stakes.

The move deepens Trump’s crypto footprint after $TRUMP meme coins crashed 93% and World Liberty Financial’s $WLFI collapsed 69% from highs.

CEO Devin Nunes pitched it as leveraging “improving regulatory clarity” under Trump’s pro-crypto administration.

Full details roll out in 2026, but skeptics eye it as another speculative asset designed to boost investor sentiment while the company bleeds cash.

India shields steel makers with met coke duties

India imposed provisional anti-dumping duties of $60.87–$130.66 per tonne on low-ash metallurgical coke imports from Australia, China, Colombia, Indonesia, Japan, and Russia for six months, targeting undercutting by 15–25%.

China faces the steepest tariff at $130.66/tonne, signaling New Delhi’s protectionist tilt as steelmakers face input cost headwinds.

The move follows quantitative import caps already limiting purchases to 1.4 million tonnes per half-year, yet demand exceeds 3 million tonnes.

Steel producers grumble that the restrictions raise costs and margin pressure; coke represents 35–40% of steel production expenses.

Domestic manufacturers, backed by India’s Metallurgical Coke Manufacturers Association, cheered the shield, though steelmakers and traders worry about knock-on inflationary effects as supply tightens.

Bitcoin eyes $95K breakout

Bitcoin has coiled into a textbook symmetrical triangle near $87,000, with converging trendlines compressing volatility as year-end approaches.

The pattern sits between support at $86,700–$87,000 and resistance at $90,200, with traders awaiting a decisive breakout on volume.

A break above the upper trendline could trigger a measured move targeting $95,000, potentially unlocking momentum toward $100,000 as Bitcoin heads into 2026.

However, institutional sentiment diverges sharply; Fidelity warns of 2026 “consolidation,” while Grayscale touts an “institutional era” driving higher.

Mixed momentum signals cloud the outlook: RSI sits overbought, suggesting short-term pullbacks, yet Aroon Up hit 100% and MACD crossed above zero, signaling strong buying.

ETF outflows of $782 million underscore institutional caution despite retail accumulation.

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Boeing (NYSE: BA) had a strong 2025, and hedge fund manager Dan Niles expects the stock to keep climbing into next year.

In fact, he dubbed BA a “top pick” for 2026 in a CNBC interview today – citing a combination of an impressive backlog, secular demand drivers, and improving cash flow.

At the time of writing, Boeing stock is up nearly 60% versus its year-to-date low in early April.

Massive backlog warrants investing in Boeing stock

Niles highlighted Boeing’s enormous order book as a key reason for optimism.

“They’ve got $600 billion in backlog that keeps growing. It’s almost seven times this year’s revenues,” he noted.

Such a backlog provides long-term visibility into future sales and production – offering investors confidence that demand for Boeing aircraft remains robust.

BA’s position as one of only two major global plane makers ensures that airlines and governments will continue to rely on its products.

For Niles, the scale of the backlog is more than just a statistic – it’s a sign of resilience, showing that BA stock can weather near-term turbulence while steadily converting orders into revenue over the coming decade.

BA shares stand to benefit from secular tailwinds

Beyond commercial aviation, Boeing shares are set to benefit also from powerful secular trends in defense and infrastructure.

Niles pointed to projects like the “Golden Dome” initiative in the US and NATO’s decision to raise defense spending from 2% to 3.5% of the gross domestic product (GDP).

These commitments mean billions of dollars’ worth of additional demand for BA’s military aircraft and systems.

“You’ve got some really big secular tailwinds,” Niles explained – emphasizing that geopolitical realities are driving sustained investment in defense.

With governments prioritizing security and modernization, Boeing’s defense division may become an even larger contributor to earnings. These tailwinds provide diversification, reducing reliance on cyclical commercial aviation markets.

Why else is Boeing worth owning for 2026?

Perhaps the most compelling part of Niles’ thesis is Boeing’s improving cash flow outlook.

After losing approximately $2 billion this year, the giant is expected to return to positive territory next year, generating low single-digit billions in free cash flow.

And by the end of this decade, Niles believes that figure would reach $10 billion, which still isn’t “a high bar to clear, these guys did $14 billion in cash flow in 2018,” he argued on CNBC.

Boeing’s ability to self-certify some of its planes will accelerate the recovery, reducing regulatory bottlenecks. For shareholders, the return of strong cash flow is critical – supporting debt reduction, dividends, and long-term growth.

Note that Wall Street shares Niles’ optimism on BA shares. The consensus rating on Boeing currently stands at “overweight,” with a mean target of $249, indicating potential upside of approximately 15%.

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US stock markets slipped modestly on Wednesday, the final trading day of 2025, as traders took profits and positioned ahead of the year-end close.

The S&P 500 fell approximately 0.1% to 6,896, the Dow Jones Industrial Average declined about 0.3% to around 48,300, and the Nasdaq Composite dropped roughly 0.2% to 23,419.

The declines marked a fourth straight day of losses, though the retreat remained restrained given light trading volumes and the brevity of the final session.​

US stocks cool off before year-end

Despite the weakness in the final session, the year-to-date performance remains exceptionally strong.

The S&P 500 finishes 2025 up approximately 17.5%, marking its third consecutive year of double-digit gains, a feat last achieved during 2019-2021.

The Nasdaq Composite soared 21%, buoyed by artificial intelligence enthusiasm and significant gains from mega-cap technology stocks like Nvidia.

The Dow industrials finished 2025 up roughly 14%, lagging behind broader market benchmarks due to its lighter exposure to the technology sector.​

The decline on Wednesday represented profit-taking rather than any fundamental deterioration in market conditions.

Market breadth tilted negative, with declining issues outnumbering gainers.

The Russell 2000 index of small-cap stocks dropped 0.7%, underperforming large-cap benchmarks, a reversal from earlier-year patterns when small caps showed relative strength. ​

VIX volatility index remained subdued, suggesting that despite four consecutive days of losses, market participants perceived the pullback as orderly rather than concerning.

The muted price action reflected the reality that US markets were already near all-time highs heading into the final week of 2025, leaving limited upside before year-end without fresh catalysts or positive economic surprises.

Sector weakness was broad-based, with technology stocks bearing the brunt of selling pressure.

January data holds the key

The immediate market direction for early January depends on several factors.

First, incoming data on inflation and jobs will set the tone for Federal Reserve rate expectations.

This week’s jobless claims data showed initial claims falling to 199,000, better than expected, which may dampen market expectations for aggressive Fed rate cuts in 2026. ​

Second, investors should monitor Treasury yields and real interest rates as inflation expectations reset in January.

The 10-year Treasury yield stands around 4.11%, and any sharp movements could pressure richly valued technology stocks that drove 2025’s gains.

The dollar index fell 9% in 2025, its worst year since 2017, but could stabilise or strengthen if Treasury yields rise unexpectedly. ​

For short-term traders, key support levels to monitor are 6,880 on the S&P 500 and 23,400 on the Nasdaq.

A break below these levels could accelerate profit-taking into the opening days of 2026.

For longer-term investors, the broader perspective remains constructive.

The S&P 500’s 17.5% return represents a healthy year of gains that validates equity exposure despite elevated valuations.

Rather than trying to time the final trading sessions, investors should consider rebalancing portfolios to ensure year-end allocations match their 2026 risk targets.

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Tesla (NASDAQ: TSLA) has rolled out its latest Full Self-Driving (FSD) version FSD v14.2.2.2 – touting smoother lane changes and improved decision-making.

Yet despite billionaire Elon Musk’s bold promises, the system remains classified as Level 2 driver-assist technology, meaning human supervision is still required.

Meanwhile, Alphabet’s self-driving unit “Waymo” has already launched a driverless fleet in several US cities – raising questions about whether TSLA can truly claim leadership in autonomy.

For now, there are ample reasons (discussed below) to believe Tesla is significantly behind Waymo in robotaxi services.

Scale of deployment

Waymo already runs hundreds of driverless vehicles across Phoenix, San Francisco, Los Angeles, and Austin.

Tesla’s robotaxi fleet in Austin launched with about 30 cars only. The disparity in scale highlights how far Tesla must go before it can match Waymo’s operational footprint.

Driverless capability

Waymo already offers rides with no human driver at all, while Tesla’s FSD still requires constant supervision.

TSLA’s system is marketed as “autonomous,” but regulators classify it as driver-assist. This further suggests Waymo is more advanced in autonomous driving than the Elon Musk company.

Regulatory approval

Waymo has secured permits to operate commercial driverless services in over 20 markets already.

In comparison, Tesla has regulatory approval for robotaxi services in only two states. Even in those markets, it faces investigations into safety incidents involving its FSD system.

Without regulatory trust, TSLA can’t expand its robotaxi services widely – limiting its ability to compete head-to-head with Waymo.

Technology approach

Waymo relies on lidar, radar, and high-definition mapping to ensure redundancy and safety. Tesla has chosen a vision-only approach – betting cameras and neural networks can replicate human perception.

Critics argue this leaves a TSLA robotaxi less reliable in complex urban environments compared to Waymo’s multi-sensor system.

Operational experience

Waymo has logged millions of driverless rides since 2017, building customer trust and gathering vast amounts of data.

Tesla Inc. is only beginning to test robotaxis with consumers, meaning its real-world experience is far behind. This operational gap is critical in proving safety and scalability.

Reliability gap

Former Tesla board member Steve Westley has pointed to a stark reliability difference: Waymo vehicles average about 17,000 miles between critical interventions, while Tesla manages around 1,500 miles only.

This highlights why Tesla’s system still demands frequent human oversight, undermining its claim to autonomy.

Conclusion: Tesla has scale but lags in readiness

Wedbush’s senior analyst Dan Ives believes Tesla is better positioned than Waymo is in robotaxis due to its sheer scale, with millions of cars already equipped for software updates.

But scale alone is not enough. Tesla must first fix reliability, regulatory, and technological hurdles before its massive fleet can truly deliver on Musk’s vision.

Until then, Waymo remains ahead in the race for autonomy.

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Big investors placed a flurry of options bets on Advanced Micro Devices (NASDAQ: AMD stock), according to Benzinga’s options scanner, which flagged 32 unusual trades.

Calls outnumbered puts, and the largest tickets targeted a wide range of strikes from $140.0 to $280.0 over the last three months.

The trading activity occurs because AMD’s stock price stands at $215.89, while momentum indicators show no clear direction, and the company will release its next earnings report in 34 days.

The Seeking Alpha analysis from recent times showed the stock entered a bear market during Q4, but the price stayed above $195, which showed both positive business development targets and potential market competition threats.

Benzinga flags 32 unusual AMD options trades. The number of calls exceeds the number of puts while whales focus on buying between $140.0 and $280.0.

The stock price currently shows $215.89 while investors wait for earnings announcements to happen in the following 34 days.

What the options tape shows

Benzinga reported the overall sentiment among large traders was split between 46% bullish and 28% bearish.

The premium value from 23 call contracts reached $1,565,207, while 9 put contracts generated $761,064 in premium value.

The dataset shows how investment duration affects market standing through its most detailed data presentation.

• PUT trade, 02/20/26 expiry, $260.00 strike, priced at $47.3 for a total of $473.0K
• CALL trade, 05/15/26 expiry, $230.00 strike, priced at $23.5 for a total of $235.0K
• CALL sweep, 01/09/26 expiry, $217.50 strike, priced at $5.55 for a total of $222.0K
• CALL trade, 01/21/28 expiry, $180.00 strike, priced at $86.69 for a total of $147.3K
• CALL sweep, 01/16/26 expiry, $217.50 strike, priced at $7.54 for a total of $82.8K.

The volume and open interest data, which Benzinga analyses, enable users to understand market liquidity and interest levels at these particular strike prices.

The Benzinga analysis demonstrates that whales have dedicated their market buying activities to the $140.0 to $280.0 price range throughout the last three months.

Price range and near-term setup

At the time of the scan, AMD’s trading volume stood at 6,099,232, and the stock was up 0.26% to $215.89.9.

The current RSI values showed market conditions remained between overbought and oversold states according to Benzinga.

The company will disclose its earnings results through an official announcement, which will occur in 34 days, to verify or reject market expectations based on present options market data.

Analyst view and broader context

Benzinga noted that 1 professional analyst weighed in over the past 30 days with an average price target of $277.0.

The analysts at Truist Securities assigned a Buy rating which included a $277 price prediction.

Separately, a Seeking Alpha analysis by JR Research said AMD fell into a bear market in Q4 but found support above $195.

The company needs to achieve 30% revenue growth during FY2028 to prove the positive outlook about AI rack scale deployments and strategic partnership development because Nvidia and Google, and Amazon’s custom chips create obstacles for the company.

The investment risk of options exceeds shares, but traders who master this strategy can achieve better returns, according to Benzinga who notes that seasoned traders monitor various market signals while actively controlling their investment portfolios.

The recent AMD options trading shows call options dominance because investors made multiple large trades between $140.0 and $280.0 strike prices while the stock price remains at $215.89 before the earnings announcement.

The current analyst target price for this stock stands at $277, but most analysts predict the company will face intense competition while working to achieve its aggressive expansion targets.

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