Wednesday, 24 July 2024
Stock Market

A nearly $200 Billion Value Increase is Attributed to Tesla’s Historic Run

For Tesla Inc. investors who persevered with the electric vehicle manufacturer during a difficult period, the clouds are now parting. The stock is expected to increase by more than twofold this year as a result of an influx of positive company news and the return of optimistic market belief.

In 11 days, the Elon Musk-led EV company’s market value increased by more than $194 billion, as the shares tied for their longest winning streak ever. The shares have only accomplished this accomplishment twice in Tesla’s history.

Tesla’s Historic Run

Tesla’s stock price has increased significantly; on Friday, it closed up 4.1% at $244.40, increasing the year’s increase to 98%. The 14% increase this week was the best since January. Following Ford Motor Company’s lead, General Motors declared that it would modify its electric cars (EVs) to work with Tesla’s Superchargers.

This action is anticipated to guarantee that Tesla becomes the US industry standard. Following the announcement by General Motors and Ford that they will modify their electric vehicles to work with Tesla’s Superchargers, the recent rally increased consumer interest in Teslas.

  • Tesla’s stock surges to 98%, with General Motors partnering with Tesla’s Superchargers.
  • S&P 500 Index enters a bull market due to the AI frenzy, boosting technology and mega-cap firms.
  • Tesla’s high valuation may drive AI advancements; ARK Investment Management sees a $2,000 increase.

The S&P 500 Index has entered a bull market as a result of the market frenzy surrounding artificial intelligence, which has fostered a bullish feeling for technology and mega-cap firms.

Tesla’s high valuation might enable further advancements in AI, but the stock has caught the bug. According to Cathie Wood, CEO of ARK Investment Management, the company is the greatest AI player, and this will cause its stock price to increase to around $2,000 in 2027.

It’s obvious that retail investors, who have a cult-like following, are paying attention to the AI craze. Data from Vanda Research reveals that mom-and-pop traders have returned to the market after a 3-month hiatus, with an average flow of $1.36 billion per day into US markets.

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