Hey everybody Rob, now we're here and today we are talking again about the standard range

model Y. After a $2,000 price cut at the end of last week, Tesla has now removed the

standard range model Y from the design studio. Elon has commented on this on Twitter.

Tesla has also made some other price adjustments so we'll look at that situation. We also have

a couple other product updates from Elon and then some other news as well. First thing

though Tesla stock so rough day to day down 8.5% to $714.50 that compared to the NASDAQ

also a really challenging day down 2.5% and that was much worse than the S&P 500 down

0.8% and the Dow was actually up a tenth of a percent. The NASDAQ being down so much

more definitely signals some sector rotation, definitely not just isolated to Tesla here.

Neo was down 8%, X-Pang was down 7%, Archimodo was down 6%, etc. People seem to be pointing

to a couple of factors, first the higher yield on treasury bills. For example, the yield

on the 10 year treasury note has risen to 1.34%, so 41 basis point increase over the 0.93%

that it started the year at. The logic there is that as interest rates rise on investments

that are perceived to be safer, the risk adjusted return becomes more attractive and as

that happens inevitably some greater percentage of capital is going to flow into those safer

investments. Now for Tesla, they're probably not a lot of investors choosing between a 10

year note and investing in Tesla but it still does impact the macro environment. It impacts

sentiment and those rising interest rates also mean that the cost of borrowing capital

is greater and that is seen to have an outsized impact on companies that are growing more

quickly and maybe need more access to debt. So that's probably a pretty big factor and

then the other main line of thought here seems to be that as COVID cases decline, capital

that was being allocated for these high growth tech companies starts to shift a little

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