Asian shares are lower after Wall Street inched to more records as gains for Alphabet and artificial-intelligence stocks offset a steep tumble for EV-maker Tesla

Wall Street was on track for a mixed open on Thursday as investors digested uneven earnings from megacaps like Alphabet and Tesla and monitored progress in U.S. trade negotiations.

The S&P 500 was up 0.2% after setting an all-time high the day before. The Dow Jones Industrial Average was down 310 points, and the Nasdaq composite was up 0.4%. Alphabet climbed after the company behind Google and YouTube delivered a fatter profit than analysts expected.

It's sort of like a rock sitting on the edge of a cliff. If you can put enough sort of oomph into it, you can get it over the cliff, then gravity does the rest. The metaphor kind of breaks down because the stock's moving up, so the gravity seems to be pointing the other direction.

Tesla -- the pioneer of EV makers -- has seen its valuation rise to $1 trillion. Its upstart rival, Rivian Automotive, is preparing to replicate that success. The average price target among Wall Street analysts for Rivian Automotive (NASDAQ: RIVN) stock is $14.

Tesla points out early progress on robotaxis and bots, as revenue from electric vehicles plummets.

Tesla targets autonomous ride-hailing for half of U.S. by year-end while ramping Optimus and energy initiatives. Chipotle signals confidence. Trump to visit Federal Reserve.

Tesla reported second-quarter results after Wednesday's closing bell, unveiling profits and sales in line with Wall Street expectations. Losses mounted for the stock, however, as the company's call with analysts sowed more doubts than offered answers about Tesla's prospects and Chief Executive Elon Musk said he could see potential for "a few rough quarters" ahead.