12 High Flying AI Stocks This Week

6. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 99

Tesla, Inc. (NASDAQ:TSLA) is an automotive and clean energy company that leverages advanced artificial intelligence in its autonomous driving technology and robotics initiatives. On February 3^rd, Bloomberg reported that Tesla has registered fewer cars in California in all four quarters of 2024, with sales of its second-most important model, Model 3, plunging 36% for the year. According to data from the California New Car Dealers Association, sales fell almost 8% in the fourth quarter and 12% for the year. Registrations have been declining despite Tesla having added the Cybertruck to its lineup last year. Both the Model 3 and Cybertruck utilize artificial intelligence through Tesla’s Full Self Driving (FSD) system. Some probable reasons for the declines in their registrations include changing over the Model 3 sedan early in the year as well as the active role of Chief Executive Officer Elon Musk in the US election. Tesla’s reputation has taken a hit among certain groups of US consumers due to this involvement.