Tesla Stock Could Set New Winning Streak

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Bloomberg Jun 12, 2023 11:45 · 26.7k Views

Tesla stock has been up for 11 straight trading sessions and share are rising again. Elon Musk's electric car maker could set a new winning streak Monday. Bloomberg's Katie Greifeld reports.

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Transcript

  • 00:00 Dan Ives of Wedbush.
  • 00:01 Expecting the big tech rally to continue as the
  • 00:04 AI push gets bigger.
  • 00:05 He wrote this while this week the Fed and Powell yet again will be front and centre.
  • 00:09 In our opinion, the tech sector is in the early stages of its next growth cycle that will be led by this unprecedented AI revolution.
  • 00:17 Many companies will benefit in this arms race, with Microsoft a clear market leader.
  • 00:22 Along with guess who,
  • 00:23 NVIDIA Dan I have a Wedbush there on a tech rally.
  • 00:26 Some of these names here today have been absolutely flying, including Tesla shares hedging high for a 12th consecutive day, marking the longest winning streak
  • 00:34 on record.
  • 00:35 KGI upgrading the stock to outperform.
  • 00:37 Saying this, Tesla's automotive investments in the US are paying off.
  • 00:41 Its AI prowess
  • 00:43 is underrated.
  • 00:44 We're up by another 1.75, up another 1.8% this morning, Katie.
  • 00:48 And if that holds, of course that will be that 12th day of gains, which is a record winning streak for this stock.
  • 00:55 And there's a few different things that got us here.
  • 00:57 Fundamental reasons too.
  • 00:58 Most notably, in the past few weeks you've had the likes of Ford and GM saying that they're going to adapt their E VS to hook into Tesla's Superchargers.
  • 01:07 Piper Sandler thinks that's worth a $3 billion boost by 20-30 or so.
  • 01:12 And not to mention, you also have Tesla's Model 3 sedans became eligible for the full US track tax credit.
  • 01:18 So again, a few different fundamental reasons to go along with what's been a blistering
  • 01:23 rally.
  • 01:24 If you look at today again, we're up almost 2% this rally, if you look
  • 01:29 over the past winning streak that we're sitting on, it's added about $200 billion to Tesla's market cap.
  • 01:34 This company is now up over 100% so far in 2023 to go along with that record.
  • 01:40 So it's been a pretty good summer so far for Elon Musk.
  • 01:43 Amazing.
  • 01:43 And the winds keep coming.