Tesla May Extend Winning Streak to 11th Day as Focus Shifts to Robotaxi and AI Plans
M+ Global Updates 10/07/2024 21:50

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.


The content is provided as general information only and should not be taken as investment advice. All the contents shall not be taken as a recommendation to buy or sell any security or financial instruments. Any action you take resulting from information, analysis, or commentary on this article is your responsibility. Please consult your investment advisor before making any investments.

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