The Biden administration is playing it smart, laying the groundwork to protect clean energy programs from a potential rollback under Trump. By finalizing a wave of loans and grants for clean energy before year-end, they're effectively locking in incentives, making it far harder for a new administration to undo them come January.

CEO Elon Musk pulled off a windfall for the auto maker. Now the stock’s fundamentals need to catch up to its heady price.