Top 10 AI News Updates to Catch Up on This Weekend

6. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 126

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 March 13, Wells Fargo analyst Colin Langan reiterated the stock as “Underweight” and trimmed his 12-month price target nearly 4% to $130 from $135, stating that he sees too many negative catalysts for Tesla, particularly in Europe.

“The > 40% YTD decline in TSLA’s Europe sales was likely a key catalyst in the recent correction, as its raises the prospects of another year of no growth. Recent protests & vandalism also add to concerns.”

Tesla has been facing a series of protests labeled as “Tesla Takedowns” characterized by peaceful protests, takedowns, vandalism, and environmental activism; all at once.  The motive behind this movement is to develop a strong public front against the tech oligarchy behind the Trump administration’s actions, encouraging Americans to sell their Teslas and dump the company’s stock.

“Despite the 40% YTD decline, we still see > 40% downside. Many investors previously expected weaker profits, but were reluctant to fight positive momentum. If fundamentals matter, the momentum likely turns negative as consensus estimates fall.”

Previously, Trump’s winning of the elections was taken as a positive sign by several Wall Street analysts, particularly Wedbush. The firm had previously stated confidence in the Trump administration, signifying the next four years to be a “total game changer” for the autonomous and artificial intelligence story for Tesla over the coming years.

It estimated the AI and autonomous opportunity to be worth “at least $1 trillion alone” for Tesla. However, the tables have turned and several Wall Street analysts, such as UBS and Redburn Atlantic, have turned their backs on the stock.