Posted 2/11/2024, 5:19:00 PM
Tesla Stock Slumps 22% as EV Demand Slows, Putting Future Among Tech Elite in Question
- Tesla stock is down 22% this year compared to big gains for other tech giants, putting its place among the "Magnificent Seven" in doubt
- Unlike the other 6 companies, Tesla isn't seen as a major AI play, even though Musk positions it that way
- Slowing EV demand growth is hurting Tesla's outlook, while AI demand is booming for the other tech giants
- Tesla still trades at a very high valuation despite its stock drop and demand concerns
- Bullish investors see Tesla as the only pure-play in EVs with big long-term potential, but it's one of the riskier mega-cap tech names