Boss Energy’s Honeymoon is Over

Hey Superheroes,

Despite there being only 4 more trading sessions until Christmas (eek!) there is still plenty going down.

We have had cooling inflation and a small tech rebound in the United States, Crude Oil dropping to a four year low despite escalation in the Caribbean and closer to home, both CBA and NAB have shifted their analysis to point to a potential rate hike from the RBA in February 2026.

Here are this week’s biggest stories.

Boss Energy’s Honeymoon is Over 

Boss Energy (ASX:BOE) delivered brutal news on Wednesday: its flagship Honeymoon uranium project in South Australia won’t deliver anywhere near what the company had previously promised. Shares have crashed more than 27% over the past week despite a slight rally today.

An ASX announcement revealed that a five-month technical review uncovered major problems with the mine’s geology. The uranium deposit quality differs substantially from what Boss told investors in its November 2021 project study – the same document that sent shares soaring sevenfold in a single week back then.

⚡ The geology problem 

The deposit contains lower-grade uranium than expected, the mineralisation is less connected throughout the ore body and extraction will be more difficult than initially forecast. Managing director Matt Dusci confirmed the company has withdrawn its 2021 feasibility study entirely.

Investors won’t get clarity until September 2026, when Boss plans to release a completely revised project assessment.

Boss uses an in-situ recovery method at Honeymoon, pumping acidic solution underground to dissolve uranium and bring it back to surface through a network of wells. The current well spacing sits at 40 metres, but the company is now exploring whether spreading wells 75 to 150 metres apart could reduce costs – though Dusci acknowledged most North American operators using similar methods actually move wells closer together, not further apart.

📉 A brutal selloff 

The timeline raises uncomfortable questions. Former CEO Duncan Craib, who ran Boss for eight years, announced his departure on July 24, merely four days before the company first flagged potential geology issues at Honeymoon.

Craib had sold most of his position – over 3 million shares – in late May at $5.63 per share. Chairman Wyatt Buck and former technical director Bryn Jones also offloaded stock in late May at the same $5.63 price.

Tesla Hits Record High as Robotaxi Buzz Builds 

Tesla (NASDAQ:TSLA) is ending 2025 on a high, closing Tuesday at US$489.88 – its first record close in about a year. The stock gained roughly 3% on the day, putting the US$500 mark within reach.

The rally centres on CEO Elon Musk’s claims that Tesla is now running robotaxi tests in Austin without any safety drivers behind the wheel. Investors see this as a major step toward commercial autonomous operations that could eventually generate significant revenue.

🤖 The autonomy play 

Tesla began limited robotaxi trials in Austin back in June using modified Model Y vehicles running Full Self-Driving software. Those early tests operated within restricted zones and required human safety monitors. Musk now says the company is testing with completely empty vehicles.

This matters because Wall Street increasingly values Tesla not as a car company but as a potential software and autonomy business. Bulls believe high-margin software services could eventually overshadow vehicle sales.

⚠️ California’s regulatory curveball 

Not everyone is celebrating. California’s Department of Motor Vehicles is forcing Tesla to address concerns that names like “Autopilot” and “Full Self-Driving” mislead consumers about the technology’s actual capabilities.

Regulators adopted a 30-day suspension of Tesla’s manufacturing and sales licenses but immediately paused enforcement. Tesla has 90 days to either stop using the Autopilot branding or demonstrate the features genuinely meet Level 3-5 autonomous driving standards. The company has 60 days to file its compliance plan.

This creates real risk for a stock trading near record highs on autonomous vehicle expectations.

📊 The reality check 

Wall Street remains divided on Tesla’s valuation. Despite the record close near US$490, analyst consensus sits around US$400, suggesting meaningful downside risk. Only about half of tracked analysts rate the stock a buy.

Competition adds another layer of complexity. Waymo, owned by Alphabet, already operates over 2,500 commercial robotaxis across major U.S. cities, completing roughly 450,000 paid rides weekly. The Financial Times reported Waymo is raising capital at a valuation topping US$100 billion. There is also stiff competition in China, another major market for Tesla with Baidu, Pony.Ai and WeRide running their own autonomous taxi services in major cities such as Guangzhou and Beijing.

Tesla bulls must answer a harder question now: can the company scale autonomous operations faster and more profitably than competitors already running driverless fleets at commercial scale?

🔦 Some other things we’re shining the Spotlight on: 

BAPCOR CEO RESIGNS AFTER PROFIT DOWNGRADES: Bapcor chief executive Angus McKay stepped down after just 16 months following three consecutive profit downgrades. Chris Wilesmith takes over in January as the automotive parts retailer’s fifth CEO in five years. The company now expects a first-half net loss of A$5-8 million versus a profit forecast weeks earlier.

GOOGLE DISRUPTS REAL ESTATE PORTALS: Zillow(NASDAQ: Z) dropped 10% Monday after Google started testing integrated home listings directly in search results. The trial lets users view properties, schedule tours and contact agents without leaving Google’s platform. Goldman Sachs called it a long-term threat to real estate portals. CoStar (NASDAQ:CSGP) shares fell 6.4% on Monday on similar concerns. 

TRUMP MEDIA’S NUCLEAR FUSION DEAL: Trump Media & Technology Group (NASDAQ:DJT) is merging with nuclear fusion startup TAE Technologies in an all-stock deal valuing TAE above US$6 billion. The companies plan to break ground on a 50-megawatt fusion power plant in 2026. Trump Media shares surged as much as 37.5% in premarket trading on the news.

That’s a wrap for 2025! We hope you enjoy the holiday break with family and friends. Spotlight will be taking a breather next week and will be back in your inbox in the new year.

Keep up to date on the markets by following us on Instagram @superheroau.