Jim Cramer Discussed These 29 Stocks Ahead Of Major AI Event

5. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders In Q3 2024: 99

Tesla, Inc. (NASDAQ:TSLA) is the world’s largest pure-play electric vehicle manufacturer. However, unlike other EV companies like Lucid Motors and Rivian, Tesla, Inc. (NASDAQ:TSLA)’s narrative is broader and depends on other factors such as robotaxis, assisted-driving technologies, and its CEO’s relationship with the incoming Trump Administration. The EV slowdown drove Tesla, Inc. (NASDAQ:TSLA)’s in 2024 up until the November election. Ahead of the election, the stock was up by just 1%, but since then, the shares have gained 57%. Cramer also commented on the non-EV factors ‘driving’ Tesla, Inc. (NASDAQ:TSLA)’s stock as he shared:

“Now one of the things is this existential crisis of robotaxis. It’s so convoluted I have no idea what’s going to happen but the new Street piece about Tesla, is saying listen don’t regard Tesla, as an auto company. . . . it’s about robotaxis, it’s about hands-free driving. You know the one thing that we have to recognize is that there are a lot of people behind the scenes that are saying, that Musk ultimately will prevail with the president and say, wow, the president, president-elect, there’s so much data that’s actually been computed, that how can we not let Tesla jump ahead of Waymo? And we have the federal interstate highway system, let’s just let it self-drive.

“And I think that one of the things that Jensen is going to talk about today are all the new use cases. This is tonight’s CES talk. It wouldn’t surprise me if we start hearing about robots. It wouldn’t surprise me if we didn’t hear a lot about Tesla. Tesla and self driving cars. Tesla and the neural network that is based on NVIDIA! [On Stifel setting a $492 price target for TSLA] That was a very interesting piece!”