Tesla Drops the Number; Europe's Auto Week Begins

Tesla Headlines the Evening

Tesla reported Q3 2026 results after the close. Automotive gross margin came in at 18.1% on a non-GAAP basis, excluding regulatory credits. The company also confirmed that construction of its Austin AI compute facility is continuing, with equipment commissioning planned for 2027. ORTEX Alt Data had flagged the upside risk: German car registrations, a dataset measured to lead Tesla revenue by 43 days, were running 269% above Q3 2025 levels through all three months of the quarter. Short interest in Tesla sat at just 2.6% of free float into the print, so bears carried minimal exposure.

Chips and Semis in Focus

Texas Instruments posted strong Q3 results and guided Q4 revenue above consensus. The stock has gained 60% year-to-date. Options flow across the semiconductor sector tells a split story: negative contract volumes are elevated in NVIDIA, Micron, and Advanced Micro Devices, even as TXN draws momentum buying. QuantumScape rallied today on narrower Q3 losses and commercial-scale production plans.

Meta's Share Structure Shift

Meta Platforms announced a governance change under its Founder Alignment Agreement. Twenty percent of Class C common stock issued as a stock dividend will be freely tradeable. The remaining 80% will carry sale and transfer restrictions. The announcement adds a new layer to Meta's dual-class structure and drew immediate market attention.

European Calendar Opens

DSV reports today, and Renault follows Wednesday. Austrian car registrations, a dataset measured to lead Renault revenue by 32 days, are running 6% ahead year-on-year. Dutch registrations, however, are running 19% below the same quarter last year, a mixed read for the French carmaker. Volvo Car reports Thursday, with Finnish registrations down 9% on a year-on-year basis.

On index mechanics, Xero sits just 2.3% above the MSCI World exit line ahead of the November 11 announcement. A deletion would put $418M of forced selling into play over 10.3 days of normal volume.