Minnesota has become the second U.S. state where flying car regulations have gone into effect, following the lead of New Hampshire which passed ...
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| | Top News  Getty Images Minnesota has become the second U.S. state where flying car regulations have gone into effect, following the lead of New Hampshire which passed similar legislation back in 2020. The new law will give private citizens the right to own "roadable aircraft," granting drivers the ability to become pilots of the same vehicle. No more traffic in everyday transportation might come with a big price tag for now, but it's still several decades before a regular family navigates life in the year 2062.
Orbit City: The so-called "Jetsons Law" allows airplane-to-car hybrids to register as motor vehicles, but instead of a traditional license plate, they will be permitted to use their tail number. Flying cars will also have to "take off and land from a suitable airfield," meaning no descents onto roadways or public highways (barring an emergency). While taking to the sky, the dual-purpose vehicles will have to abide by all FAA rules, which will become more important as more states adopt similar legislation.
"I think we're close to regulation at the federal level," said Jim Dukhovny, CEO of flying car company Alef Aeronautics. "Healthy market competition is good for the industry. Governments are starting to realize the economic and environmental advantages of flying cars." Doron Merdinger, CEO of a similar startup called Doroni Aerospace, also feels that it is "smart to get ahead of the curve and start planning how to integrate these vehicles into our daily lives."
The big leagues: Traditional planemakers, like Airbus (OTCPK:EADSY) and Boeing (BA), as well as commercial carriers like American Airlines (AAL), Delta (DAL) and United (UAL), are pouring millions into flying taxis, eVTOL prototypes and transportation partnerships. Other air mobility firms with skin in the game include Archer Aviation (ACHR), Eve Air Mobility (EVEX), Joby Aviation (JOBY), Lilium (LILM) and Vertical Aerospace (EVTL). Interestingly, most carmakers are sitting this one out, instead focusing most of their R&D on self-driving and autonomous features, as well as electric and hybrid technology. | | Featured  Want to get more from investing efforts? Take our world-class Premium service for a test drive. Sign up now, and you can try all of Premium's powerful tools and resources: - Our proprietary Quant ratings, plus ratings from Wall St. and analysts on Seeking Alpha
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Past performance is no guarantee of future results. Any content and tools on the platform are offered for information purposes only. Seeking Alpha does not take account of your objectives or financial situation and does not offer any personalized investment advice. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. | | Stocks Fed Chair Jerome Powell has confirmed that an interest rate cut "could be on the table as soon as September" if inflation and jobs continue to improve. Translation: Keep an eye on the incoming data. The odds of a 50 basis point rate cut also climbed after the comments, underscoring the market's confidence that the monetary policy easing cycle was imminent. Powell's shift in tone was enough for the Nasdaq ( COMP:IND) and S&P 500 ( SP500) to see their best day in over five months, while Treasury yields moved lower as traders snapped up bonds. ( 80 comments) | | AI Following the rally, Meta ( META) soared 7.2% AH to $509/share after its Q2 results easily beat expectations. More importantly, the tech giant reassured investors about underlying growth, especially in its core advertising business, despite massive spending on artificial intelligence. A major area of focus is "figuring out the right level of infra capacity to support training more and more advanced [AI] models," CEO Mark Zuckerberg said on an earnings call. "At this point, I'd rather risk building capacity before it is needed rather than too late, given the long lead times for spinning up new infra projects." ( 21 comments) | | Energy U.S. crude futures ( CL1:COM) jumped more than 4% on Wednesday after top Hamas leader Ismail Haniyeh was assassinated in Tehran. It came just hours after Israel struck a senior Hezbollah military leader in Beirut, ratcheting up fears of a regional war across the Middle East. Lending additional support for oil prices, U.S. crude stockpiles posted their fifth straight weekly decline, marking the longest string of crude drawdowns since a seven-week streak at the end of 2021. Crude still tallied losses in July, with WTI and Brent falling 4.4% and 6.6%, respectively. ( 21 comments) | | Today's Markets In Asia, Japan -2.5%. Hong Kong -0.2%. China -0.2%. India +0.2%.
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