Tesla sales and profit missed earnings forecasts, in one of the EV automaker's worst quarters in years. This follows massive losses in sales and deliveries over the year, as well as a public backlash against Elon Musk during his stint as the head of DOGE in the Trump administration.
MD and global head of tech research of Wedbush Securities, Dan Ives, says Tesla's results reveal a turning point for the company as Elon Musk focuses on autonomous driving and an AI future. Mr Ives believes 20 per cent of vehicles are going to be autonomous. Tesla is one of the so-called "Magnificent 7" tech companies, which also include Apple, Microsoft, Amazon, Alphabet, Meta, and Nvidia. Mr Ives believes these tech stocks are in the middle of a six or seven year tech bull market and betting against them would be a mistake.
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