Tesla’s stock leads megacap tech gains as investors overlook unmet self-driving forecasts, lifting the Nasdaq 2%.
Tesla shares jumped 8% in today’s session, driving a 2% rise in the Nasdaq and outpacing other megacap tech stocks. The rally occurs despite the company falling far short of Elon Musk’s 2023 prediction of millions of fully autonomous vehicles by mid-2024, with only 39 robotaxis currently in operation.
Musk had previously claimed autonomy was a “solved problem” as early as 2016, with repeated forecasts since 2015 failing to materialize. Analysts note the disconnect between performance and valuation, though Tesla’s shareholder base remains resilient to missed targets.
The stock’s gain contributes to broader market momentum, though some observers question whether the move reflects fundamentals or quarter-end positioning.