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📌 [Part 1] The Light and Shadow of Tesla — Why the “Icon of Growth” Is Shaking As of 2025, Tesla, Inc. remains one of the most closely watched companies in the world. Just a decade ago, electric vehicles (EVs) were viewed as “eco-friendly niche products.” Tesla changed that narrative, making EVs the centerpiece of global mobility and redefining the entire automotive paradigm. But the Tesla of 2025 is not the Tesla of the past. Once the ultimate symbol of innovation, the company now faces a mix of slowing growth, eroding profitability, and intensifying competition — pressures that demand its “next stage of evolution.” As of October 2025, Tesla’s stock trades around $456, showing little year-to-date progress and moving in repeated correction cycles. While its market capitalization still hovers near $1 trillion, the market’s tone has turned more skeptical. The issue is not a temporary dip in earnings but rather the structural fatigue of Tesla’s growth model. --- 1️⃣ Slowing S...

Part 1 – 1 ① Background and Mechanism When the U.S. Federal Reserve (the Fed) cuts its benchmark rate, yields on U.S. bonds and deposits decline, which typically softens dollar strength. In fact, reports indicate that in 2025 the dollar index has fallen roughly 10 percent against major currencies. In summary, rate cuts can channel global liquidity toward emerging markets through the following mechanism: Lower U.S. rates reduce the expected return on U.S. fixed-income assets. Investors, seeking higher yields, are incentivized to shift capital into emerging-market assets such as equities and sovereign bonds. A weaker dollar boosts competitiveness for export-driven emerging economies, making them more attractive entry points for foreign investors. UBS noted that “when the Fed cuts rates and the dollar turns weaker, Asia and emerging markets tend to benefit disproportionately.” Stronger local currencies also lower import costs and improve investment conditions for emerging econ...