$lcid - great summary from the great CEO !
Lucid’s transformation is gaining traction.
In Q3, we reduced cash consumption by 30% versus Q2 while advancing our Must Win priorities across robotaxi, Midsize and AMP-2.
CEO Silvio Napoli shares more on our progress and the work ahead.
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$OPEN - @mikealfred holds millions in open shares and just joined the board. I have not seen a single post showing him distressed about earnings or the future; instead, he appears to be enjoying his best life with wine.
Perhaps most of us with a few shares can stop panicking.
$OPEN - how do you address historically low mortgage demand? @nejatian is building while flying and attempting a safe landing.
In moments like this, he needs our support most. If you cannot offer support, at least remain silent for the time being …
US mortgage demand is down to historic lows:
US purchase mortgage applications index fell -2% last week, to 131 points, its 2nd-lowest since January 2025.
This also marks the 6th-lowest weekly reading since 1995, down -32% since January.
As a result, US mortgage applications are now -50% below the pre-pandemic levels seen in 2019.
This comes as the 30Y fixed mortgage rate has risen +120 basis points since February, to 7.18%, near its highest since November 2023.
Rates have now been above 7.0% for 7 consecutive weeks.
The US housing market is frozen.
$open … informative !
$OPEN earnings was a good watch. When exactly they’ll breakeven isn’t all together too interesting as it’ll obviously align with a recovering housing market.
What is more interesting to me is how @nejatian aggressively tackles nuanced problems and creates a sustainable, scalable solution.
Renovations, niche valuation characteristics, buyer and seller preferences are just a few he highlighted in the call.
He doesn’t hide from how challenging they are to get right, which gives me confidence he understands that not addressing even a small issue in the facilitation of buying and selling homes can hinder their ability to scale.
More importantly, every nuanced issue they solve compounds their edge and moat.
They’re building the largest, most advanced proprietary data set of information on the largest asset class in the world. And they’re layering advanced products on top of that data set to monetize it.
I believe what most people miss with the Opendoor story is how powerful that data set is and what it unlocks with the power of AI. This isn’t just a buyer and seller of homes. If they do this right from the beginning (which is Kaz’s emphasis), there is a chance they are the benchmark standard for all real estate pricing in the future.