Tesla stock came under pressure on Wednesday after touching an all-time high earlier in the session, as investors reacted to fresh regulatory scrutiny in California that could complicate the company’s ambitions for self-driving technology.

Rivian revealed ambitious plans for fully autonomous driving, featuring an in-house chip, an in-car AI assistant, and a Tesla-like subscription model.

Ross Gerber, a longtime Tesla investor and founder of Gerber Kawasaki Wealth & Investment Management, has become a Tesla bear. He’s betting Tesla won’t catch up to Waymo in the self-driving car race, citing the company’s failure to implement new technology along with its soiled reputation as reasons it is falling behind.