Stock Market Today, March 23: Tesla Rises on Joint Venture Plans to Build a Semiconductor Plant for AI Chip Production
Trading volume reached 72.6 million shares, coming in nearly 18% above its three-month average of 61.3 million shares. Tesla IPO’d in 2010 and has grown 23,852% since going public.
How the markets moved today
The S&P 500 (SNPINDEX:^GSPC) advanced 1.16% to finish at 6,582, while the Nasdaq Composite (NASDAQINDEX:^IXIC) climbed 1.38% to close at 21,947. Among automobile manufacturing peers, Ford Motor Company (NYSE:F) closed at $11.76 (+2.08%) and General Motors (NYSE:GM) finished at $75.72 (+4.00%) as investors assessed sector safety and demand trends.
What this means for investors
Over the weekend, CEO Elon Musk revealed the Terafab initiative, outlining plans for a semiconductor manufacturing facility. This project will be a collaboration between Tesla, xAI, and SpaceX, with the early phases projected to require an investment in the tens of billions of dollars.
Investors balanced those future plans with an analyst downgrade and $150 price target. Trip Chowdry with Global Equitites Research cited concerns over its AI strategy for the downgrade. Analysts at UBS (NYSE:UBS) also cut Tesla delivery forecasts and reports flagged mounting regulatory probes.
Many investors still want to own Tesla stock based on future potential and plans touted by Musk. Weakness in the EV business itself hasn’t been what is driving its shares. That looked to be true again today.
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Howard Smith has positions in Tesla. The Motley Fool has positions in and recommends Tesla. The Motley Fool recommends General Motors. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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