Keith Fitz-Gerald, Fitz-Gerald Group principal, joins 'The Exchange' to discuss why he's bullish on Tesla, competition from China and his read on 'Big Tech'.

Keith Fitz-Gerald of the Fitz-Gerald Group stated that labeling Tesla merely as a car company is an outdated perspective. He emphasized that Tesla's activities now span beyond vehicles, including AI, robotics, full self-driving technology, and energy solutions, drawing parallels to how Apple and NVIDIA evolved beyond their initial industries.

Fitz-Gerald also noted the competitive pressures Tesla faces, particularly from Chinese manufacturers benefiting from state support. Despite these challenges, he believes Tesla's strength lies in its continued innovation, driven by Elon Musk, which may allow it to maintain a technological edge over competitors.

Calling Tesla a car company is overrated, says Fitz-Gerald Group

And Keith, again, you get to keep taking victory laps on Palantir, on NVIDIA, on all of it. So Tesla, maybe a little bit different story. Oh, my goodness. This is one of those stocks that is truly going to be one of the most difficult things many investors have to contend with. But if you take what's happening, you can't obviate the technology. That's why I say today he is probably the Einstein of our time. Betting against Mr. Musk is like betting against Steve Jobs back in the day, Kelly. OK, so where are the new models? Where are the cars? This is, you know, do they even bother at this point or do they just hope to leapfrog into an AI driven story at this point? You know, I think that's the easy answer. They hope to leapfrog into AI. But I think the more difficult path is the one that they're actually going to choose, which is they know they've got to release the low, the low cost models. I think that's probably out there. They know they've got to grow the robo taxis, but also the robotics, the FSD, the energy deployments. You know, those things are all continuing to chug ahead. So calling Tesla a car company now, I think, is overrated, just like calling an Apple a computer company back in the day turned out to be overrated. NVIDIA, a gaming company back in the day, overrated. Amazon, a bookseller. You know, history is filled with examples that are not obvious until after the fact. I think that's what we're dealing with with Tesla, and I hope that my confidence is not misplaced. What's the deal? I mean, with SpaceX, right? There's so many great examples of, you know, this this man's brain at work in areas arguably even more important than what's going on with Tesla right now. I don't know. How do you do it if you're Tesla and you're up against Chinese overproduction, you know, and state subsidization of this entire. And it's not just them affected. It's the German carmakers. It's like the entire globe who has to fend this off. Now that the EV transition, ironically, allowed China to leapfrog, speaking of that word, into a global leadership position. I don't know how anyone's supposed to compete with that. Well, I think that having spent a lot of time in mainland China and very familiar with their business models, you know, they're great at catching up and obviating technology. What they're not potentially still up to speed with is the innovation. So that's where the brain that is uniquely Elon Musk, I think, comes into play. So as long as they can continue to innovate, do new, exciting, dynamic things that move our world forward, I think China is perennially going to play catch up. But if that balance shifts and, you know, to your point, maybe it could. It's close. But I think intellectually, it's not there yet. Well, let's leave it for the time being. Tesla's already most investors kind of put it to the side of the Mag 7, really. It's so idiosyncratic. What about Alphabet? What about the rest of big tech, Keith? What about some of those big positions of yours we've been talking about? Any concern with where markets are, you know, any idea about trimming or rotating or things like that? Well, there's two sort of thoughts there, right? I'm very happy to see the markets where they are. They've come roaring out of the April lows like we thought that would be the case. I think the Fed still has a bazooka. I think there's still seven trillion on the sidelines. The institutions are still, for the most part, on the wrong side of this trade. So all of that leads to FOMO season. But I was thrilled to see Alphabet do what it did because I didn't think that was possible. Honestly, I'm beginning to think that Peach Eye needs to be rotated out of the driver's seat. But, you know, if they can pull this off in good speed, I think I'm going to have to take a hard look at owning that company again for the first time in a long time.

Typhoon Co-May has left a trail of destruction across the Philippines, making landfall in the country's northwestern region. Torrential rains and strong winds have battered towns and cities, damaging homes, roads, and farmland. At least 25 people have been reported dead.

Pangasinan

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Israeli Prime Minister Benjamin Netanyahu and U.S. President Donald Trump appeared on Friday to abandon Gaza ceasefire negotiations with Palestinian militant group Hamas, a day after withdrawing their delegations from talks.

Jerusalem

Middle East Conflict

Netanyahu, Trump appear to abandon Gaza ceasefire negotiations

U.S. President Donald Trump is spending five days in Scotland visiting his luxury golf resorts. While the White House touts the economic impact, some locals say the developments have scarred the land and stirred controversy.

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The U.S. Department of Justice is set to meet with Ghislaine Maxwell, Jeffrey Epstein's convicted accomplice, amid mounting political pressure on President Donald Trump over his administration's handling of the Epstein case.

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Thailand and Cambodia exchanged heavy artillery fire for a second day on Friday (July 25) as their worst fighting in over a decade intensified and spread to new areas, despite international calls for a ceasefire.

Bangkok

Thailand, Cambodia exchange heavy artillery

France intends to recognise a Palestinian state in September at the UN General Assembly, President Emmanuel Macron said in hopes of bringing peace to the region, but the plan drew angry rebukes from Israel and the United States.

Macron says France will recognize Palestine as a state

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Ukraine Invasion

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Chinese and European Union leaders have met in Beijing for their first in-person summit since 2023, addressing a range of contentious issues amidst growing trade tensions. The talks, led by Chinese President Xi Jinping and EU officials Ursula von der Leyen and Antonio Costa, highlighted the complex nature of China-EU relations.

Beijing

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The United Kingdom and India have signed a trade agreement that will reduce tariffs on goods from textiles to whisky, cars and spices and allow more market access for businesses. British PM Keir Starmer hailed the agreement as a “landmark moment” for both countries.

London

Global Tariffs

UK, India sign free trade agreement during Modi visit

President Trump and Federal Reserve Chair Jerome Powell had a disagreement almost immediately as the two men set foot in the Fed's headquarters in Washington to survey an extensive renovation project on two of the reserve's buildings. Nancy Cordes has more.

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Hulk Hogan, the legendary professional wrestler whose real name was Terry Bollea, died on Thursday at the age of 71, according to World Wrestling Entertainment.

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At least 12 were killed as a Thai-Cambodian border dispute escalated into deadly clashes on Thursday (July 24).

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According to preliminary data, 43 passengers, including five children, and six crew members were on board.

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Pro wrestling legend Hulk Hogan has died, World Wrestling Entertainment said in a statement on social media. He was 71. CBS News' Shanelle Kaul has more.

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The Wall Street Journal reports that former Attorney General Pam Bondi told President Trump his name appeared in the Epstein files. The White House denies wrongdoing.

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Columbia University will pay $200 million to resolve federal claims it failed to stop harassment of Jewish students during campus protests. The Trump administration had suspended the school's access to $400 million in funding.

New York

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Israel issued a statement indicating that Prime Minister Benjamin Netanyahu has asked the Gaza negotiating team to return to Israel for ceasefire talks. CBS News' Ramy Inocencio reports.

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There are several developments in the cases involving Kilmar Abrego Garcia, the migrant in ICE custody whom the Trump administration wrongly deported. CBS News' Katrina Kaufman reports.

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Los Angeles

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Istanbul

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Ukraine's President Volodymyr Zelenskiy vowed to retain the independence of anti-corruption agencies, bowing to pressure from the first wartime street protests and rare rebukes from European allies.

Kyiv

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Dr. Salvador Plasencia, the doctor accused of supplying Matthew Perry with ketamine in the month leading up to his death, has pleaded guilty to four counts  of distribution of ketamine. Plasencia is the fourth of the five people charged in connection with Perry's death to plead guilty.

California

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After reviewing the Epstein files, Attorney General Pam Bondi told President Trump his name appears alongside many others, according to a new report in the Wall Street Journal. CNN’s Paula Reid details what we know.

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A federal judge on Wednesday ordered Kilmar Abrego Garcia's release as a second judge barred ICE from taking him into custody. CBS News legal reporter Katrina Kaufman has more.

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A judge on Wednesday (July 23) sentenced Bryan Kohberger to four life sentences without the possibility of parole after he pleaded guilty to the murders of four University of Idaho students in 2022.

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