'Now Is NOT The Time To Throw In The Towel' On Tesla, Says Wedbush's Dan Ives: AI And FSD Could Drive The Stock Over $1 Trillion
Portfolio Pulse from Rounak Jain
Wedbush's Dan Ives remains optimistic about Tesla Inc. (TSLA), citing AI and Full Self-Driving (FSD) advancements as key drivers that could elevate the company's market cap over $1 trillion. Despite a challenging first quarter, projections suggest Tesla could reach 2.1 million units by 2024. Ives emphasizes the compelling risk/reward at current levels, with AI and FSD making significant strides. Additionally, Tesla's Dojo supercomputer project, utilizing Nvidia Corp.'s (NVDA) GPUs, supports FSD development. Amidst compensation and voting control concerns by Elon Musk, Wedbush maintains a $315 price target for Tesla, advising the board to implement measures to support Musk's leadership and address the stock's challenges.
March 13, 2024 | 12:49 pm
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POSITIVE IMPACT
Nvidia's involvement in Tesla's Dojo supercomputer project through its A100 and H100 GPUs could positively impact Nvidia's stock as Tesla's FSD advancements gain traction.
Nvidia's GPUs are crucial for Tesla's Dojo supercomputer, which is key to developing FSD technology. As Tesla's FSD advancements progress, Nvidia's role as a supplier could positively influence its stock, reflecting the symbiotic relationship between the two companies' technologies.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75
POSITIVE IMPACT
Tesla's advancements in AI and FSD, along with strategic measures suggested by Wedbush, could significantly boost its market valuation and stock price in the short term.
Tesla's focus on AI and FSD is seen as a major growth driver, potentially increasing its market cap to over $1 trillion. Wedbush's support and a $315 price target, despite current challenges, indicate a strong bullish outlook. Strategic board measures could further stabilize and boost investor confidence.
CONFIDENCE 85
IMPORTANCE 95
RELEVANCE 100