Ferrari's first electric vehicle, named 'Luce,' sparked significant controversy from its unveiling in May 2026. However, this debate has now subsided as the car exceeded its sales target just two months after hitting the market.
Ferrari's first electric vehicle, named 'Luce,' sparked significant controversy from its unveiling in May 2026. However, this debate has now subsided as the car exceeded its sales target just two months after hitting the market.
The main point of contention was the design of the Luce, which received negative feedback from investors, media representatives, and enthusiasts. Despite the criticism, excitement around the Luce intensified, which some believe contributed to the rapid achievement of record sales.
Sources familiar with the matter report that Ferrari aimed to sell about 500 units by the end of the current year, although the company did not disclose the exact figure of its goal. The sales record was achieved ahead of schedule, just two months after its July release, with reports indicating that China became the largest market for the Luce.
Before the launch, the company faced not only contradictions regarding the unconventional design of the electric vehicle, which many compared to much cheaper mass-market cars. This even led former Chairman of the Board of Directors of Ferrari, Luca Cordero di Montezemolo, to call for the removal of the prancing horse emblem from the car, suggesting it did not deserve it.
Furthermore, Ferrari's market share decreased by 8 percent, demonstrating that the controversies had a tangible impact on the company's financial performance. Now, having achieved its first sales record, Ferrari has set a long-term goal—to sell 2,500 units by 2030, averaging 625 units annually.
OPEC+ members, including Saudi Arabia, Kuwait, Oman, and four other allies, agreed during an online meeting on Sunday to increase oil production by 188 thousand barrels per day starting in September. This decision was made against the backdrop of disruptions caused by the regional conflict.
In a joint statement from the seven participating countries, it was announced that they had decided to adjust production by 188 thousand barrels per day. This increase, approved by key states in the expanded Organization of the Petroleum Exporting Countries, was widely anticipated by analysts.
George Leon, an analyst at Rystad Energy, noted that OPEC+ has completed the cancellation of voluntary cuts. He warned, however, that the current decision has little impact on the short term, as the Strait of Hormuz remains restricted, and the real market impact will only appear after normal exports resume.
OPEC+ countries have faced difficulties in increasing exports due to the nearly paralyzed Strait of Hormuz, which was organized by Iran during the regional war, despite a brief increase in cargo flow after the signing of the US-Iran memorandum in June.
The September production increase, approved by OPEC+ countries—Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman—completes the cancellation of the second of three rounds of production cuts introduced by the organization. Leon from Rystad Energy stated that after completing the recovery campaign, OPEC+ has few incentives to rush further supply changes. His base scenario suggests a pause in the fourth quarter while the group prepares for quota negotiations for 2027.
He added that the current geopolitical situation masks the true scale of the supply increase, and this will become much clearer once export flows normalize. It remains unclear when the group can actually increase its production volumes. Some members, such as Iraq, have expressed a desire to significantly ramp up production.
Russia, meanwhile, faces repeated attacks by Ukrainian drones on its oil infrastructure, limiting production, which is currently around nine million barrels per day, while the target is 9.8 million barrels per day. Analysts at DNB Carnegie believe that after the September increase, OPEC+ will face potentially difficult negotiations over new production quotas starting next year.
Between the end of 2022 and 2023, OPEC+ was concerned about falling oil prices and agreed to cut production in three separate rounds, reducing the total volume by almost six million barrels per day. However, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, Oman, and the UAE, before the last one exited the group on May 1, changed their strategy by gradually increasing production starting in 2025.
The question of whether a company that avoids the massive spending of tech giants on AI or one that funds them is more valuable is preoccupying Wall Street. This debate intensified as Apple and Nvidia competed for the title of the world's most expensive company. Although Apple initially held this position this week, Nvidia reclaimed it just a few days after Apple's earnings report on Thursday.
This mutual exchange of views says a lot about the situation. Apple produces phones and computers used by billions of people to access chatbots and AI agents. However, it is accused of lagging in AI, and its core business may offer fewer growth opportunities compared to the rapidly evolving new technology. Furthermore, the company faces a component shortage that has caused concern in the tech industry.
Meanwhile, Nvidia creates chips and developer tools that power AI. These components are vital for the future of the technology, but they are also more susceptible to the uncertainty surrounding that future.
Joe Tigay, portfolio manager at Rational Equity Armor Fund, which prioritizes overall investment returns, stated: 'When we are in the creation phase (AI)... this is where you will watch Nvidia.' He added that in the future, the fund will look for companies that monetize AI consumption, and that 'Apple absolutely wants to be such a company.'
Unlike many of its Big Tech peers, Apple does not invest billions in building new data centers. Instead, its revenue largely depends on iPhone sales—a stable and predictable type of business that attracts investors.
Apple's iPhone revenue grew by 22% in the last quarter compared to the same period last year; total revenue increased by 16% year-over-year and exceeded Wall Street expectations. Nevertheless, analysts are questioning whether the company plans to modernize its successful products for the AI era and develop new ones.
Apple has faced challenges in AI innovation, such as with the Siri AI assistant, whose launch is planned for the fall. However, the success of the iPhone has satisfied some concerns, especially given that Apple may collaborate with other companies like Google to use their AI models.
Bloomberg Intelligence analyst Anurag Rana noted: 'The reason Apple has succeeded is that people finally realized they don't need to spend hundreds of billions to be relevant in this market,' as they will use any best AI model, and the owner of that model company will have the privilege of placing it on the iPhone.
But AI affects the company differently: memory shortages spurred by the construction of AI data centers. Apple has already raised prices on Mac, iPad, and other products, and some analysts believe iPhones may be next. The company recently launched a leasing program for iPhone, iPad, Apple Watch, and Mac customers instead of purchasing, which could make devices more accessible.
Apple reported that it expects even higher memory costs in the September quarter. Shares fell more than 6% after closing trading on Thursday following the release of Apple's earnings report.
CEO Tim Cook stated during the latest earnings call, acting as the company's chief executive officer: 'We were reluctant to raise prices, I would say. We did it because we are in what I would characterize as a century flood of memory pricing, with exponential growth in memory prices.'
Nvidia's chips are essential for AI data centers, propelling its business to cosmic heights. The company reported record revenue in its latest earnings report in May: growth was 20% compared to the previous quarter and 85% compared to the same period last year. The international data corporation told CNN earlier this year that Nvidia holds an 81% share of the revenue market for data center chips.
However, this success means that investors and analysts now expect not less, but explosive growth every quarter. Whether this will justify expectations in the long run largely depends on whether tech giants continue to spend large sums on data centers.
There are also growing concerns that AI companies are supporting each other through a network of financing deals centered around Nvidia. Nvidia has invested billions in companies like OpenAI and Anthropic, which in turn have committed to buying Nvidia chips.
Nvidia chip sales have made it the biggest beneficiary of the AI boom, but consumers still need smartphones or laptops to use AI services like those produced by Apple.
Tigay from Rational Equity Armor Fund observed: 'Nvidia sells the power, and Apple sells the steering wheel.'
