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This price action is a classic tell: market expectations are extremely high, and a beat is now viewed merely as the baseline. If exceeding delivery targets fails to spark a rally, meeting or slightly beating bottom-line earnings will likely be greeted glumly by Wall Street.

The broader enthusiasm for pure-play EVs has cooled significantly over the past two years, but competitive pressure in key segments remains fierce. Rivian's rollout of the R2 targets the core mass-market SUV segment ($45,000–$60,000)—the exact price band where Tesla's Model 3 and Model Y have traditionally buttered their bread (>96% of 2025 sales were those two models) As competitors like Rivian with their newly released R2 hone in on this volume sweet spot with improved economics and fresh design appeal, Tesla faces mounting margin pressure in its core automotive business. Admittedly, Rivian does not have the production capacity to supplant Tesla's most popular models, but strong demand will help it raise the capital and capacity needed to do so.

Unsubstantiated valuations and AI distractions

Tesla's elevated valuation relies heavily on non-automotive catalysts like robotics and autonomy. Wall Street continues to price in long-term optionality for humanoid robotics (Optimus) and full self-driving.

However, overall market enthusiasm for the AI narrative has shifted. Investors now favor hardware providers with tangible near-term financial returns over downstream software promises. Another possible area of support is speculation about potential corporate actions or synergies with SpaceX, which continues to circulate.

TSLA year to date

Yet, a merger or restructuring makes little strategic sense for the core operations of either firm. Furthermore, with SpaceX shares trading below their initial public valuation, speculative enthusiasm around cross-entity corporate financial engineering has lost momentum.

Technically, TSLA looks vulnerable. Moving envelope indicators and Bollinger Bands show long positions struggling, while the MACD, RSI, and major long-term moving averages display explicitly bearish momentum profiles.

In recent quarters, Tesla's post-earnings stock moves have been more muted than its multi-year historical average. The options market reflects this compression:

• Implied volatility: The at-the-money straddle expiring July 24 (e.g., the $380 straddle) is priced at roughly 7% of the underlying stock price.
• Historical move: This sits visibly below Tesla's long-term average post-earnings swing of ~9% over comparable two-day periods.

The strategy: Short-term bear put spread

While options premiums are pricing in a lower move than the historical average, implied volatility is slightly higher than last quarter, and put skew remains elevated. Buying options outright can expose traders to an expensive "volatility crush" immediately after the announcement.
For equity holders seeking downside protection or traders looking for a risk-defined alternative to shorting the stock, a short-term Bear Put Spread offers a reasonable risk/reward.

Specifically:

• Buy August 21st (regular expiration) $360 for $15
• Sell August 21st (regular expiration) for $330 Put $6
• Max Loss: $900
• Max Gain $2100
• Skill Level: Intermediate 

This trade:

1. It captures the elevated put skew.
2. It defends against "IV" or "vol crush". The short put reduces net Vega and Theta drag following the earnings announcement.
3. Attractive risk reward: At $9.00 this $30 wide put spread pays more than 2:1 if Tesla falls to $330 by August Expiration. While that's a lot lower than the current stock price, the average move over the month following earnings is just over 15% higher or lower.

Netflix's One Piece live-action show returned for its second season earlier this year, and the Straw Hats pirates' next adventure is right around the corner. However, it's coming in a way you might not expect.

Luffy, Nami, and the rest are being reimagined in Lego form for Lego One Piece, a two-part special that recaps the events of the first two seasons of the live-action show. Except, ya know, everyone's made of Lego bricks this time.

Netflix shared the first full teaser trailer for the special on Monday, giving fans their best look yet at the Lego hijinks. The special is narrated by Usopp, who takes creative liberties with an unreliable retelling of events. "Wow, who's this super cool dude?" Zoro says at one point about Usopp, before remarking, "I never said that!" Usopp also tries to claim he came up with the idea of sailing into the Grand Line for the titular One Piece. Expect several fibs and exaggerations from Usopp over the course of the animated special.

"We wanted to make something that would ease new viewers into the massive world of One Piece while also giving longtime fans a new, fun perspective to see the iconic stories of the first two seasons," showrunner, writer, and executive producer Tom Hyndman said of the special in a news release.

The entire Straw Hat cast will return to voice their Lego-ized characters, including Jacob Romero Gibson as Usopp. Lego One Piece will premiere Sept. 29 on Netflix.

But that's not all that One Piece fans have to look forward to. Season 3 of the live-action show recently wrapped filming, and it's set to premiere in 2027. Also coming in 2027 is the One Piece anime remake on Netflix. You can expect that to start streaming in February. %!s()

But there are other, non-rhetorical questions that the internet has about King of the Hill. So when Polygon got a chance to chat with current showrunner Saladin Patterson ahead of the show’s 15th season, we hit him with the internet’s biggest questions about Hank Hill and his fellow citizens of Arlen, Texas.

His answer to why Hank hates charcoal is especially surprising.

Warning: Spoilers for season 15 of King of the Hill below

3

Does Dale know about Nancy’s affair with John Redcorn, and that Joseph isn’t his biological son?

When the original run of King of the Hill began, it was immediately established that Nancy Gribble (Ashley Gardner) was having a long-term affair with Indigenous American healer John Redcorn (Victor Aaron/Jonathan Joss). It was also incredibly clear to everyone in the neighborhood, except her oblivious husband Dale (Johnny Hardwick), that Nancy and Dale’s son Joseph (Brittany Murphy/Breckin Meyer) was Redcorn’s biological child.

Nancy ended the affair in season 4 of the show’s original 13-season run, but when the series returned in 2025, the affair between Nancy and John Redcorn had already resumed sometime during the eight-year gap between the series finale and the revival. In season 15, Nancy once again ends her affair, looking to better her marriage with Dale. But with so much evidence of Nancy’s affair — from Joseph’s appearance to Dale catching John Redcorn climbing out of Nancy’s window — does Dale, on any level, know about any of it?

Image: Hulu/Disney

“My answer is going to be an answer that existed in the previous version, too,” Patterson tells Polygon. “There's an episode in the previous version where Dale's given some pretty strong evidence that Joseph is not his son, but the cognitive dissonance of it all is that he wraps his head around the idea that [aliens stole Dale's DNA to make Joseph].”

The showrunner riffs on something series co-creator Greg Daniels once said to explain Dale’s refusal to accept reality.

“The way Greg Daniels explained it in the original episode, which I think still applies now, is that Dale's characteristic of being a conspiracy theorist means he's going to look at evidence and create a reality that is bonkers to most people,” Patterson says. “For conspiracy theorists, it's their way of navigating little bits of truth here and there. Dale sees the evidence we all see — he saw John Redcorn climbing out of his window — but his conspiracy theory mind is able to create a reality that makes sense based on the truth that he believes.”

2

Where is Luanne?

Image: Hulu/Disney

When King of the Hill returned for its 14th season, only two major supporting characters were absent: Luanne and her husband Lucky. Played by Brittany Murphy, Luanne was a part of the show from the very first season, as the biological niece of Peggy (Kathy Najimy) who moves in with Hank and Peggy. In season 8 of the original run, Luanne meets Lucky, voiced by Tom Petty, and they eventually get married and have a daughter named Gracie.

The original run of King of the Hill concluded in 2009, and later that year, Murphy died at age 32. Then in 2017, Tom Petty passed away at age 66. As such, when King of the Hill returned, neither character was brought back, nor were they mentioned. All we see of them in season 14 is a photo on the wall of the Hill house.

In season 15, we learn a little bit more about them. In the finale, which flashes back to years earlier, when Hank and Peggy are discussing Hank taking a job in Saudi Arabia, it's established that, for his final year of high school, Bobby went to live with Luanne. The acknowledgment is a brief but beautiful tribute to the character, establishing that she helped Hank and Peggy the same way they helped her years earlier.

Still, we don’t know where she is currently in the show, which is why “Where is Luanne?” remains a persistent question online.

“My honest answer is, a few things may have happened,” says Patterson. “It's something that we talk about — ‘we,’ meaning me, Greg [Daniels] and Mike [Judge]. We have not landed on that yet in terms of what happened to them. Right now, it still feels right not to close a door, but also not to lock ourselves in too much. As of right now, they are not a part of the storytelling world. They still exist in the world, obviously, but we're waiting for inspiration, because that's something that has to be handled in the most respectful and creatively interesting way, especially if we're going to be talking about recasting and things like that. We don't take that lightly. It's going to have to really, really be worth it.”

1

Why does Hank hate charcoal?

Image: Hulu/Disney

Hank is an incredibly loyal man, and as a seller of propane and propane accessories, he’s unwaveringly dedicated to the clean-burning fuel. Still, his enthusiasm for propane and his often-stated hatred for charcoal seems downright personal, which is why so many people still wonder, “Why does Hank Hill hate charcoal so much?”

Patterson is convinced he has the answer.

“Hank was a jeans salesman at Dress Barn or something like that, when Buck Strickland found him and wanted to make him a propane salesman,” Patterson explains, “So in my mind, prior to that, Hank did not necessarily have the love of propane. It was something that he was introduced to when he became a propane and propane accessories salesman. So there's a reality where Hank may have used charcoal as a kid. Cotton probably cooked with charcoal. But I think Hank became a proselytizer of propane when he discovered the benefits of it.”

Adds Patterson: “I think Hank is a true convert, and just like any other true convert, he became a zealot. So he really does believe in the superiority of propane.”

King of the Hill season 15 is streaming now on Hulu and Disney Plus. %!s()

ForbesQuordle Hints Today: Monday, July 20 Clues And AnswersBy Kris Holt

Hey, folks! Today’s Quordle hints and answers are just ahead.

How To Play Quordle

For any newcomers joining us, here’s how to play Quordle: Just start typing in words. You have four five-letter words to guess and nine attempts to find them all. The catch is that you play all four words simultaneously.

If you get a letter in the right place for any of the four words, it will light up in green. If a word contains a letter from one of your guesses but it’s in the wrong place, it will appear in yellow. You could always check out the practice games before taking on the daily puzzle.

Play Puzzles & Games on Forbes

Here are some hints for today’s Quordle game, followed by the answers:

What Are Today’s Quordle Hints?

• Word 1 (top left) hint — former U.K. prime minister who stepped down on their 50th day in office in 2022
• Word 2 (top right) hint — relating to a straight line that goes through the center of a sphere
• Word 3 (bottom left) hint — a pig, or a person of low moral character
• Word 4 (bottom right) hint — object
• Two of the words each have a pair of repeated letters
• Today’s words start with T, A, S and T

What Are Today’s Quordle Answers?

Spoiler alert! Don’t scroll any further down the page until you’re ready to find out today’s Quordle answers.

This is your final warning!

Today’s words are...

• TRUSS
• AXIAL
• SWINE
• THING

That’s all there is to it for today’s Quordle clues and answers. Be sure to check my blog for hints and the solution for tomorrow’s game if you need them. See you then!

If you’d like to chat about Quordle and New York Times word games such as Wordle, Connections and Strands (and to hang out with a bunch of lovely people), join us over at Discord! Also, subscribe to my newsletter, Pastimes! %!s()

Military planners learned this rule the hard way: doctrine is written at the front, not at headquarters. Every army now studying drone warfare studies Ukraine, because that is where the future arrived first, under pressure, at scale. Business leaders need the same discipline with AI. The future of the firm is not in a vendor’s roadmap or an analyst's forecast. It is visible today, in a handful of companies operating at the far edge of adoption.

This week, one of them published its telemetry. Replit, the AI coding platform, released a post called "The Self-Driving Company" describing what happened when it wove agents into the fabric of the business rather than leaving them inside chat windows. The numbers deserve your attention. From January to June, lines of code contributed rose 5.8x. Holding the cohort of engineers constant, output per engineer nearly tripled while the team doubled. Code review latency stayed flat, because an agent now reviews code and calls in a second human only when risk warrants it, saving 30 percent of human review time. Reversion rates and incidents stayed flat. Support closes its hardest escalated tickets 60 percent faster. The company churned a seven-figure SaaS contract because the internal replacement its own agent helped build was better.

Replit is a 4th Stage Firm: Emergent Intelligence

This is no longer an engineering story. At Replit, agents investigate production incidents, answer product questions, analyze business data, enrich sales leads, build account-specific presentations, and triage support tickets. The company's own summary is the best one-line description of the new deal for employees I have read: “People don't feel like they've been automated. They feel like they've been promoted.”

I map enterprise AI adoption on a model I call the 4 phase RISE adoption model: Phase 1: Research & Education, Phase 2: Islands of Innovation, Phase 3: Scaling, and Phase 4: Emergent Intelligence. Most companies we assess sit in the first two stages. (See my Forbes article on the importance of building capabilities.) They are educating their staff, running pilots, funding proofs of concept, and measuring seat licenses. Some have achieved scale implementations like JP Morgan Chase. Check out thi wonderful article by my fellow Forbes contributor Bernard Marr about JP Morgan’s AI efforts. The last phase, Emergent Intelligence is different in kind, not just degree. Intelligence stops living in individual tools and starts living in the connective tissue of the firm: the artifacts, the orchestration layer, and the contracts between humans and machines. Replit’s post is the clearest public description yet of what that stage looks like from the inside.

MORE FOR YOU

Here is the objection you are already forming: "My firm is not a frontier AI company. This does not apply to me." That objection misses the point, the same way a general dismissing Ukraine because his defense needs are unique. I’m not suggesting executives study the leading edge to copy it. One should study it to extract the design principles before your competitors do.

Could Your Firm Become Self-Driving?

So run the exercise of seeing what it would take to make your organization become a self-driving firm. Take your leadership team through one question: what would it take for us to be a self-driving company? Not to become one next quarter. To be able to describe one, in the specifics of your own business.

The question forces answers most executive teams cannot give today. Which of your workflows produce verifiable outcomes an agent could be checked against? Replit started there. What would agents need to see to do real work: your data warehouse, your ticketing system, your CRM? Replit built a semantic layer over its data so agents knew which tables were sources of truth. What guardrails come first? Replit locked everything behind access policies, token proxies, and audit logging before granting access. Who holds authority when the agent escalates? And what happens to your build-versus-buy calculus when your internal agent replaces a seven-figure SaaS product and matches specialized vendor tools at a tenth of the cost, as Replit reports it did?

Notice that not one of those questions is about picking a model. They are questions about the design of your firm: its decision rights, its data contracts, its accountability structure. That is why the self-driving company works as a design exercise even for a bank, an insurer, or a manufacturer. The technology will keep changing. The organizational questions will not.

The firms at the Emergent Intelligence stage are running the experiment in public and publishing the results. The cost of studying them is an afternoon with your executive team. The cost of ignoring them is discovering, two years from now, that a competitor ran the exercise and then executed it.

The front line is visible. Go look at it. %!s()