Back in December, Tesla (TSLA - Get Report) CEO Elon Musk frustratingly tweeted about traffic congestion in Los Angeles. At the time, his comment about establishing "The Boring Company" to bore beneath the city seemed like a joke. That is, until he recently tweeted about the progress he's making.
"Exciting progress on the tunnel front. Plan to start digging in a month or so," he said.
Apparently Musk isn't busy enough. He currently only serves as the CEO and CTO of SpaceX -- which just put another rocket into space -- CEO and product architect of Tesla and also served as the chairman (and was the largest individual shareholder) of SolarCity (SCTY) . Notably though, Tesla has acquired SolarCity.
According to those that have reached out to decision-makers in the process, the city has evidently been discussing these plans with Musk's camp, although no permit has been issued.
Are these plans for his Hyperloop or simply an idea to combat some of the traffic woes of L.A.? Who knows what Musk is thinking. But if it's anything like his other plans, it's undoubtedly going to press the status quo to be more efficient and leverage technology to its max.
Shares of Tesla closed at $252.51 Thursday, down 0.8%.
Look out Uber, competition could be rising.
According to Bloomberg, the second-largest ride-hailing company in the U.S. is looking to boost its coverage. Lyft plans to cover 300 cities by year-end, a 50% increase from the 200 it covered at the start.
Currently, Lyft's coverage applies to roughly 55% of the U.S. population, a figure that will climb to 72% when this current wave of expansion is complete.
And to gain more business in these cities, the company will also look to cut fare costs as well. Although, to be fair, the nationwide fare reduction is just 1%. At this time, Uber apparently has no plans to follow suit.
Although, we've seen what can happen during these price reductions. Known as price wars, companies continue to undercut their competition. When the competition undercuts the original company, it can turn into a vicious circle of lower and lower prices.
While this may be great for consumers who continually lock in low-rate fares, it's not a sustainable business practices for these companies even if they do have big backers keeping the company well-funded.
This scenario played out in China and ended with Uber exiting the country in exchange for $1 billion from Didi-Chuxing and a near-20% stake in the company. However, I wouldn't expect the same thing to play out between Uber and Lyft.
For now, it looks like Lyft is just looking to expand its business, although it's currently unclear how Uber will respond moving forward.
As technology continued to advance and as we went from playing 2-D directional games on our Nokia devices to advanced games on touch screens, some feared the age of gaming would take a hit.
They feared that video game consoles would lose their luster and that mobile games could be commoditized. In fact though, just the opposite appears to be happening.
Not limited to just games, mobile app revenue climbed 40% in 2016 and is expected to hit $80 by 2021. That's good news for a company like Apple (AAPL - Get Report) or Alphabet (GOOGL - Get Report) , which take a percentage cut from overall sales. But it also bodes well for game and app developers.
While mobile has been a big driver, traditional game companies, like Electronic Arts (EA - Get Report) , Activision Blizzard (ATVI - Get Report) and Take-Two Interactive Software (TTWO - Get Report) , have all seen steady and/or rising revenues over the past 10 years.
Simply put, commoditization is not hurting the industry as much as it was once feared. AR and VR-based games are set to accelerate growth as well. While certainly not expected to be the driver that mobile has been, AR and VR could help lead the way into the next age of gaming.
Be it with VR-based games on Facebook's (FB - Get Report) Oculus Rift product, or AR-based games on our mobile devices -- like Nintendo's (NTDOY) Pokemon Go app. In any regard, some expect the overall gaming business to grow from revenues of $117 billion this year, to potentially more than $170 billion 2021.
Shares of Facebook closed at $132.78 Thursday, up 1%.