Elon Musk touts Tesla robot, US airlines cut flights amid shutdown

Morning Brief host Julie Hyman outlines three things investors are watching on Friday, Nov. 7.

Tesla (TSLA) shareholders approved Tesla CEO Elon Musk's $1 trillion pay package, and the CEO is making big promises about the company's robotics.

Nvidia (NVDA) CEO Jensen Huang says the company has no plans to ship to China.

US airlines are cutting flights as the government shutdown weighs on the industry. The shutdown also means that investors and the Federal Reserve do not get the jobs report that was scheduled to be released on Friday.

To watch more expert insights and analysis on the latest market action, check out more Morning Brief.

Video Transcript

00:00 Speaker A

Let's get to the three things you need to know today.

00:02 Speaker A

First up, Tesla shareholders backing Elon Musk's trillion dollar pay package. In response, the billionaire made some big predictions about what the company will achieve in the years to come. Musk touted the company's humanoid robot, Optimus, which he said will one day be able to perform surgery and even establish bases on the moon and Mars.

00:20 Speaker A

He also said Tesla's car business will aim to ramp production back up by roughly 50% by the end of next year. Musk has many milestones to reach before unlocking that massive pay package.

00:33 Speaker A

Plus, Nvidia CEO Jensen Huang telling reporters his company has no current plans to ship anything to China. The CEO said Nvidia is not in active discussions to sell its Blackwell AI chips in China.

00:46 Speaker A

The information also reporting the US is blocking sales of Nvidia's scale down chip design for China. The chip maker currently remains barred from selling AI chips in that nation, and the US-China trade accord did not include approving sales of Nvidia's Blackwell chips to Chinese customers.

01:03 Speaker A

And airlines across the US are cutting flights amid the longest government shutdown in history. Following the FAA's order to cut flights at 40 airports, airlines must slash total daily domestic operations by 4% starting today, 6% by Tuesday, 8% by Thursday and 10% by next Friday.

01:23 Speaker A

The big four airlines are going to be the most affected by the flight reductions.

01:28 Speaker A

And speaking of the shutdown, today would have been jobs day if the government were open. It marks the second month without a national employment report. The absence of government economic data will likely make for a difficult Fed meeting in December.

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