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Rivian, Tesla, and Lucid impacted as Trump signs resolutions crushing California’s EV rules

Shares of Rivian and Lucid fell on Thursday, while Tesla was roughly flat.

6/12/25 11:56AM

President Trump on Thursday signed three congressional resolutions revoking California’s ability to set its own emissions standards, effectively killing California’s phaseout of new gas-powered vehicles.

Shares of electric vehicle makers Rivian and Lucid dropped on the news. Tesla was mostly flat on the day, though anti-EV policies are obviously bad for the company’s bottom line.

California’s plans, which were adopted by 11 other states and Washington, DC, would have gradually banned the sale of gas-only vehicles by 2035 through tiered sales standards. Zero-emission vehicles would have needed to account for at least 35% of vehicles sold in California next year, under the standards. Major automakers including GM and Ford lobbied heavily to repeal the state’s mandates.

Given its population, the Golden State is a major part of the US auto industry — and it’s been huge for EVs. In 2022, 40% of zero-emission vehicles sold in the US were sold in California. According to the California New Car Dealers Association, more than 12,000 Rivian vehicles were registered in the state last year, nearly a quarter of the company’s overall sales on the year.

California has already said it plans to sue the Trump administration over the move. The EV industry could face more speed bumps ahead in Trump’s “big, beautiful bill.”

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Netflix made $1.5 billion from advertising last year, about 3% of its total revenue

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OpenAI’s ARR reached over $20 billion in 2025, CFO says

Sam Altman’s $500 billion artificial intelligence behemoth hit a major financial milestone last year, according to a new blog post over the weekend from OpenAI CFO Sarah Friar, as the company confirmed it had hit a more than $20 billion annual revenue run rate at the end of 2025.

Elsewhere in the blog post, Friar spent time addressing the company’s shifting goals, referencing plans to “close the distance between where intelligence is advancing and how individuals, companies, and countries actually adopt and use it.” As has become customary in the AI company press release genre, the CFO was also keen to tout the unending growth of the business, writing:

“Both our Weekly Active User (WAU) and Daily Active User (DAU) figures continue to produce all-time highs. This growth is driven by a flywheel across compute, frontier research, products, and monetization.”
“Compute grew 3X year over year or 9.5X from 2023 to 2025: 0.2 GW in 2023, 0.6 GW in 2024, and ~1.9 GW in 2025.”

And, perhaps most importantly for current backers and those keeping an eye on the private company before its rumored mega IPO:

“Revenue followed the same curve growing 3X year over year, or 10X from 2023 to 2025: $2B ARR in 2023, $6B in 2024, and $20B+ in 2025. This is never-before-seen growth at such scale.”

That latest figure has certainly set tongues in the tech world wagging, just as the company announced it would begin rolling out ads to free and ChatGPT Go users. It also puts the chatbot giant a fair way ahead of competitors like Anthropic, the company behind Claude.

OpenAI Anthropic ARR race — Sherwood News

A business that scales with the value of intelligence

“Both our Weekly Active User (WAU) and Daily Active User (DAU) figures continue to produce all-time highs. This growth is driven by a flywheel across compute, frontier research, products, and monetization.”
“Compute grew 3X year over year or 9.5X from 2023 to 2025: 0.2 GW in 2023, 0.6 GW in 2024, and ~1.9 GW in 2025.”