News
Amazon to help boost oil production amid Climate Pledge, Rivian van orders
Just a few weeks ago, Amazon CEO Jeff Bezos announced that his company would be purchasing 100,000 Rivian electric vans to deliver its packages, as well as provide more eco-friendly packaging. The decisions were made after employees demanded he take the necessary steps to reduce the carbon footprint the e-commerce giant was causing. Bezos complied, alleviating the possible strike that Amazon employees were poised to take part in.
It finally seemed like one of the world’s biggest companies was taking an environmental approach to its business model, but that may not entirely be the case. As revealed by a press release from Weatherford, one of the world’s leading oilfield service companies, Amazon was one of the main contributors to the U.S. Oil and Gas Industry’s “Production 4.0” forum at the Enterprise Software Conference in Houston, Texas. The forum’s theme was simple — it centers on the development of technology that can accelerate and improve oil production.
“Weatherford Production 4.0 products, including ForeSite Edge, ForeSite Platform, CygNet Platform and ForeSite Sense, activate field-wide intelligence to maximize production. Weatherford delivers the future of production performance through next-generation automation, IoT infrastructure and advanced optimization software to boost production, uptime and efficiency,” Manoj Nimbalkar, Weatherford’s Global VP of Production Automation and Software, said.
The irony of Amazon’s decision to join this conference is notable. The company, after all, previously committed to delivering its new, environmentally-conscious packages via electric vehicle just a few short weeks ago, and now is helping the oil industry thrive. The future of gas and oil will not only contribute to the global climate crisis, but it also contributes to the decision to not have large corporations take a more environmentally-aggressive approach to the operations of their businesses. The influence Amazon might have carried with its decision to rely less on fossil fuels to power its vehicles could have convinced other companies to follow in its footsteps.
Bezos gained the respect of many eco-friendly groups when he announced his partnership with Rivian. The CEO invested $700M into the electric automaker in February 2019, making the impression that he and his company would begin gearing up for a future that would not include operating on fossil fuels. But when the company began its “Climate Pledge” in mid-September at the National Press Club, details were vague. Bezos was nevertheless adamant about doing his part to help reach the specifics of the Paris Agreement, and even took an aggressive line by stating that he wanted to accomplish the goals 10 years early. Despite the fact that the US will pull out of the agreement on behalf of President Donald Trump later this year, Amazon, at least at the time, have the impression that it was doing its part to contribute to environmental sustainability.
But unfortunately, the old saying “actions speak louder than words” is all too true here. All while Bezos and Amazon were taking the necessary steps to reduce its carbon footprint and become a company that will help the planet, it appears that they were putting an effort to help advance oil and gas companies just the same. It appears they have taken two steps forward and three steps back with this news. After all, when Bezos was asked at the National Press Club meeting in Washington, D.C. if he would sever ties with oil companies that Amazon supports, he gave a firm “No.”
Ten-thousand Rivian vans boasting the Amazon logo are due to hit the road and begin delivering packages in 2021, and the remaining 90,000 will be ready before 2030. It also intends to utilize Earth-friendly packaging materials, apart of the “Shipment Zero” plan, by the end of 2019. But the announcement of Amazon’s participation seems to somewhat derail, or at least delay, any ideas that the company was interested in becoming a sustainable company. After promising employees that it would begin an effort to become “green”, is Amazon really sincere in its efforts to help the climate after all?
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Elon Musk
The Boring Company’s newest tunnel vehicle runs on Tesla parts and no one is driving it
The Boring Company’s new tunnel vehicle runs on Tesla Model 3 batteries and drive units.
The Boring Company just introduced a new piece of hardware, and it runs on parts pulled straight from a Tesla showroom. Liner Truck 3, unveiled in a post from the tunneling company’s official X account, is an all electric vehicle built around Tesla Model 3 battery packs and drive units, purpose built to move concrete tunnel segments to the boring machine face without a single person underground.
Introducing Liner Truck 3 — our latest fully electric tunnel vehicle.
– Tesla Model 3 battery and drive units
– Transports 22,000+ lb of concrete segments to the boring machine
– 28 miles of range
– 12 mph max operating speed
– Remotely piloted from Global OCC in Texas, with… pic.twitter.com/XB7FgSXnpy— The Boring Company (@boringcompany) August 7, 2026
The job itself is unglamorous but critical. Each precast segment run weighs more than 22,000 pounds, roughly the load of a full cement mixer, and Liner Truck 3 hauls that weight repeatedly between the surface staging area and wherever the Prufrock machine happens to be cutting.
The Boring Company said Liner Truck 3 is piloted remotely out of its Global Operations Control Center in Texas, extending the Zero-People-In-Tunnel approach the company has spent years building toward. An earlier version of a ZPIT liner truck was already tested at the company’s Bastrop, Texas research tunnels, and a factory tour released last month showed an employee flying a fully loaded liner truck with a PlayStation controller. Liner Truck 3 looks like the production version of that same idea, cleaned up and pushed into daily use.
The timing lines up with a company digging in more places than it ever has before. The Boring Company now has multiple Prufrock machines active or arriving in Nashville, where Music City Loop construction has been accelerating since February, and its Vegas Loop network keeps adding tunnel mileage on a near monthly basis. Every one of those projects depends on getting concrete segments to the cutting face fast enough to keep the boring machine from idling, which is exactly the bottleneck Liner Truck 3 is designed to remove.
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It also reinforces something Tesla owners have watched happen gradually across Musk’s companies: passenger car hardware finding a second life in heavy equipment. Model 3 drive units already move people through the Vegas Loop, and now the same components are hauling concrete underground in Nashville and wherever The Boring Company digs next. Whether that kind of component reuse extends further into TBC’s equipment lineup, or into other Musk owned industrial hardware, is the next thing worth watching.
SpaceX stock did the opposite of what most of Wall Street expected this week, when the day designed to be its most dangerous turned into a rally, and the rally kept going.
Thursday marked the first major lockup expiration since SpaceX’s June IPO, making roughly 911.5 million insider held shares eligible to trade for the first time, more than doubling the company’s public float. Analysts and short sellers had spent weeks bracing for a flood of selling, especially after the stock fell 13 percent following its first earnings report as a public company on Tuesday. Instead, shares rose 6.1 percent Thursday to close at $114.92, and by Friday they were trading near $129, up more than another 12 percent on the day.
SpaceX shorts get warned by Musk ally, echoing Tesla’s early struggles
The setup made the outcome notable. Short interest had climbed to roughly 34 percent of the float heading into earnings, among the highest of any large cap stock, with about 95 percent of available shares to borrow already on loan. CEO Elon Musk warned short sellers twice in the weeks before the lockup, writing on X that “the survival probability of firms who maintain a significant short position in SpaceX over time is very low,” then following up on the morning of earnings with “I try to warn them, but they just double down.”
When the newly unlocked shares hit the market and the selloff never showed up, some of that short position appears to have started unwinding. TipRanks reported that options activity shifted toward bullish strategies like put selling and risk reversals following the rally, with roughly $600 million in options premium trading Thursday alone. Retail buyers also stepped in during the earnings dip, according to Vanda Research.
The fundamentals behind the stock have not changed much in a week. SpaceX’s revenue nearly doubled year over year to $7.8 billion, with Starlink subscribers doubling to 12 million and the company’s AI segment growing 247 percent. What spooked investors on Tuesday was the spending side. Capital expenditures jumped to more than $18 billion for the quarter, up from $2.8 billion a year earlier, with AI investment alone rising from $749 million to $15.8 billion. Wall Street remains split on whether that spending is building infrastructure SpaceX needs or outrunning what the business can currently support, a debate Teslarati has tracked since shares first came under pressure.
None of that resolves the bigger question hanging over the stock. Thursday’s release was only the first of nine staggered lockup tranches, with roughly $800 billion worth of additional shares scheduled to become eligible through October, and Musk’s own stake stays locked until next June. If this week is any indication, the market is treating that supply as something it can absorb rather than something to fear, at least for now.
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News
The Boring Company’s newest Vegas Station has a permit quietly waiting behind it
Sahara Las Vegas opened a new Vegas Loop station, joining an exclusive two resort transit club.
Sahara Las Vegas opened a new Vegas Loop station Thursday, giving The Boring Company’s underground transit system its northernmost stop yet on the Strip. The station sits at Sahara’s Paradise Road entrance, on the southeast corner of Las Vegas Boulevard and Sahara Avenue, and connects riders to the Las Vegas Convention Center, other Strip resorts on the network and, eventually, Harry Reid International Airport.
The addition makes Sahara the second resort, after Fontainebleau opened its own station in January, to get a stop built at street level rather than tucked into the property itself. Sahara now joins Westgate as the only two Strip resorts offering both a Vegas Loop station and a stop on the Las Vegas Monorail, giving guests two separate ways to get around without leaving the property.
The Boring Company just doubled its tunneling power in Nashville
The bigger news buried in Thursday’s announcement is what comes next. Boring Company has already secured its first permit to tunnel north of Sahara Avenue, extending the network beyond where it currently ends, even though permits to push the Loop toward downtown Las Vegas still haven’t been granted. Crews are also working on a two mile dual tunnel line running from Westgate to a planned station at 4744 Paradise Road, just north of Tropicana Avenue, that Las Vegas Convention and Visitors Authority CEO Steve Hill has said the company hopes to open in time for November’s Las Vegas Grand Prix.
Ridership has grown alongside the buildout. The Loop moved roughly 82,000 passengers during CONEXPO in early March, a total the company highlighted on its own X account at the time, and the system has now carried more than 4 million passengers through 11 open stations since it began running in 2021. The airport connector tunnels, meant to give the Loop a direct link to Harry Reid, have slipped past their original first quarter target and remain under construction, with Boring Company director Mike Baier saying that a full opening is still a few months out.
For Sahara, the calculation is straightforward. Convention traffic drives a large share of Loop ridership, and a station at the property’s front door gives conventiongoers one more reason to book rooms on the Strip’s north end instead of closer to the convention center itself.
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The Boring Company’s newest tunnel vehicle runs on Tesla parts and no one is driving it
Elon Musk and SpaceX shrugs off the trading day Wall Street feared most
