Date:
November 07, 2024
Donald Trump won the 2024 US elections and became the 47th US President, opening multiple new opportunities for leading EV, AI, and tech industries.
The US Elections of 2024 have taken a dramatic turn as Donald Trump, the 47th POTUS, boards the White House again. Global industry leaders in EV, AI, and social media, including Elon Musk, Jeff Bezos, Sam Altman, and Mark Zuckerberg, have come forward to congratulate Trump on his unmatched victory and showcase their support for making America great again. But what’s the potential future outlook of America under Trump’s second leadership tenure?
The Trump Presidency will likely provide a healthy environment for the crypto and EV industries. At the front of the picture is Elon Musk, who actively supported him during the campaigns. However, Donald Trump has been publicly announcing that he would end the electric vehicle mandate on day one of his second presidential tenure. As he says, the reason behind this dramatic action is that the incentives for EV tax credits, battery factories, and mining are going straight to Chinese stakeholders instead of Americans.
“Tesla has the scale and scope that is unmatched in the EV industry, and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment coupled with likely higher China tariffs that would continue to push away cheaper Chinese EV players (BYD, Nio, etc.) from flooding the US market over the coming years.”
- Wedbush analyst, Dan Ives
The Trump tenure may bring good news to AI companies. Asian chipmakers, including Taiwan's TSMC and South Korea's Samsung Electronics, have announced that they would invest at least $117 billion, encouraged by the US administration’s aim to lower import reliance on Asia for high-end chips.
Sam Altman’s congratulatory post for Trump is another strong indicator that AI giants are looking forward to working together with him. In a follow-up post, Altman mentioned, “It is critically important that the US maintains its lead in developing AI with democratic values.”
Meta CEO Mark Zuckerberg also extended his congratulations to the new President amid ongoing antitrust controversies against his company. However, the two men have had a rocky relationship in the past from both ends. Zuckerberg mentioned in his post, “We have great opportunities ahead of us as a country.” What it may mean is that he is ready to take action in support of the country’s best interests and lead the economy with global social media dominance originating from within.
Overall, Donald Trump's core nature is that of a businessman, and that can facilitate a good environment for leading industries. For foreign entities with lower stakeholders in the US, the outlook will be made clear in the first two quarters based on what changes he brings. Till then, we can hope for the best.
