Axios Closer

October 07, 2022
Welcome to the weekend!
- Programming note: Weāre taking a holiday Monday and will be back with you Tuesday afternoon.
Today's newsletter is 690 words, a 2½-minute read.
š The dashboard: The S&P 500 closed down 2.8%, as investors anticipate today's strong jobs report will keep pressure on the Fed to hike rates further.
- Biggest gainer? Dexcom (+7.3%), a manufacturer of glucose monitoring devices, on potentially beneficial coverage criteria changes for Medicare and Medicaid.
- Biggest decliner? Advanced Micro Devices (-13.9%), the semiconductor company, on disappointing preliminary third-quarter results.
1 big thing: Electric semis coming soon
The Tesla Semi, an electric truck. Photo: Tesla
Half a decade after Elon Musk first revealed it, the Tesla Semi is poised to reach its first customers before the end of the year, Nathan writes.
Why it matters: The rollout will launch a real-world validation process, testing whether electrification is well-suited for heavy trucks, which mostly run on diesel fuel.
- If it works, it could pave the way for more sustainable transportation, transitioning loud, emissions-spewing trucks into quiet, zero-emission haulers.
Driving the news: Musk said late Thursday on Twitter that Tesla Semi production is beginning and that the first units would be delivered to PepsiCo on Dec. 1.
- PepsiCo said the trucks will support its Frito-Lay plant in Modesto, California, and its beverages plant in Sacramento.
Flashback: It's been nearly five years since Musk first unveiled a Tesla Semi prototype at an event in California, claiming at the time that it would begin production in 2019.
- It's three years late, though the pandemic's disruption of operations and supply chains might be partially to blame.
What we're watching: The first version will have a battery-powered range of 500 miles, Musk claims, although the downtime for charging on longer routes is an issue that diesel-powered trucks don't have to deal with.
- That could make it more suited for medium-range and local delivery operations, for which there is an ample customer base, Scott Painter, CEO of Autonomy, an EV car subscription company, tells Axios.
The big question: Will customers embrace the technology?
- The Tesla Semi looks good on paper, but it needs to deliver practical advantages over diesel trucks to accelerate adoption.
2. Charted: Jobs data pivots off COVID questions

Trends like the one above have prompted the Bureau of Labor Statistics to retire certain questions related to the pandemic in its monthly jobs report, Hope writes.
- The questions were added to its household survey in May 2020, to examine the effects of the pandemic on the labor market.
Details: The agency will no longer track whether COVID prevented people from looking for work, whether they were paid for that missed work, and whether the pandemic caused their company to close its doors.
New supplemental questions starting with the October jobs report will now focus all on telework trends.
4. Semiconductor lockdown
Illustration: Shoshana Gordon/Axios
The Biden administration on Friday announced new export restrictions aimed at hobbling China's ability to make advanced semiconductors, Nathan writes.
- The move escalates the tech conflict between the world's two biggest economies, and it's expected to reshape the interplay between American and foreign chipmakers ā potentially undermining China while also heightening the risk of a countermove.
The big picture: The decision reflects the increasing concern in the U.S. that China is using American technology to advance its military ambitions, the Wall Street Journal and New York Times reported.
Zoom in: In the U.S., the export limits could hurt companies that previously relied on sales to China, though such relationships have become politically fraught in recent years.
What they're saying: The Semiconductor Industry Association called on the government to implement the rules "in a targeted way ā and in collaboration with international partners ā to help level the playing field and mitigate unintended harm to U.S. innovation."
5. Comic Con is on! š„
Comic Con participants dressed up as characters from "Black Panther" and "X-Men." Photo: Javier E. David/Axios
The onset of fall in New York City makes at least three things ubiquitous: pumpkin spice-flavored things, crisp air and thousands of comic book enthusiasts, Axiosā Javier E. David writes.
- The latter is part of the annual ritual known as Comic Con, which is expected to host about 200,000 attendees this year, according to CNBC.
Details: Several of the biggest stars of DC's and Marvelās media firmament will be in attendance (hello, Oscar Isaac), with panels aplenty on subjects like cosplay, anime and body positivity.
- The event is a launching pad for some of the comic worldās most buzz-worthy projects, like Marvelās āBlack Pantherā sequel (which Javier is most looking forward to) and Warner Brothersā latest tentpole, āBlack Adam.ā
6. What they're saying
āArenāt you entertained?āā Elon Musk jokes to the FT about his own behavior on Twitter, which he called "vaguely therapeutic," but sometimes lands him in hot water.
Today's newsletter was edited by Pete Gannon and copy edited by Sheryl Miller
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Catch up on the day's biggest business stories and look ahead to important trends. Led by Nathan Bomey.


