Tesla Inc. ($Tesla Motors, Inc. TSLA$) shares rose approximately 1.3% to US$265.675 at one point on Wednesday, marking the electric vehicle maker's 11th consecutive trading day of gains, the longest such streak in over a year. The stock has cumulatively surged close to 44% during this period.
Ahead of Tesla's Q2 earnings report on July 23, investors are eagerly anticipating the company's plans. CEO Elon Musk has scheduled a "Robotaxi Day" event on August 8, where the company is expected to unveil its autonomous ride-hailing service.
Wedbush analyst Dan Ives expressed optimism about Tesla's artificial intelligence (AI) initiatives, stating that the company is the most undervalued AI firm in the market, with its AI business potentially worth US$1 trillion in the future. He highlighted the upcoming Robotaxi event as a new catalyst for the stock's rise.
Additionally, CFRA Research's senior equity strategist Garrett Nelson noted that Wall Street is currently focused on Tesla's self-driving taxi service, which Musk has been discussing for several months and described as a potential "massive driver" of future growth.
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