Tesla Inc (NASDAQ:TSLA) shares are pulling back Thursday after the gains made following President Donald Trump‘s announcement of interest deductions for EV purchases, as part of the Big, Beautiful Bill. Additionally, Elon Musk's AI startup xAI has struck a major deal to build a Saudi-backed data center using Nvidia Corp chips.
What To Know: Trump stated that “middle-income people” weren’t really aware of the deductions during his speech on Wednesday at the U.S.-Saudi investment forum. Trump stated, “We’re giving them a deduction on the interest if they buy a nice Tesla car,” adding that Elon Musk, Tesla’s CEO, was “lucky” to have Trump with him. Moreover, the Saudi-backed deal dropped alongside Nvidia's strong earnings, adding fuel to investor excitement around AI.
