In recent trading sessions, Tesla (TSLA), Nvidia (NVDA), and Apple (AAPL) appeared to lose direction. That lack of direction appears to be over.
Tesla (TSLA) closed at $345.16, as markets looked beyond its weakening EV business. Speculators are betting that X’s xAI could top $100 million in annual revenue. Tesla also continues to develop full self-driving. If it meets its timeline, it will set up Tesla’s next phase of growth in Cybercab.
Surprisingly, markets did not worry about California potentially eliminating the $7,500 EV tax credit. However, if other firms lose the credit, Tesla benefits the most. The firm is the first in the EV market and continues to have a lead over its competitors. That includes Lucid (LCID) and Rivian (RIVN).
Selling momentum increased when Nvidia shares reached over $145.00. After falling to $132 on Nov. 27, it closed at $138.08 on November 29, 2024. In January 2025, Nvidia will announce the RTX 50 series for the PC market. It already plans to halt the production of the RTX 4070, 4070 Ti & 4070 SUPER by the end of this year.
News that Apple iPhone sales fell sharply in China did not stop the stock from rebounding. Although China will likely block iPhones from accessing Apple Intelligence, Chinese consumers still prefer Apple devices. China’s Huawei device refresh is not compelling enough to weaken iPhone sales.