Tesla, Inc. (NASDAQ:TSLA) took another hit on Tuesday when NVIDIA Corp. (NASDAQ:NVDA) and General Motors Co. (NYSE:GM) announced they will partner on self-driving vehicles.
What To Know: Nvidia CEO Jensen Huang announced the GM partnership, which will include robotics, in-vehicle hardware for advanced driver-assistance systems and in-cabin safety driving experiences, at the GPU Technology Conference (GTC) on Tuesday afternoon.
"The time for autonomous vehicles has arrived," Huang said.
Tesla said it will begin its first robotaxi service in Austin starting in June 2025 using Tesla-owned vehicles equipped with an unsupervised version of the company's Full Self-Driving (FSD) software.
The Nvidia/GM partnership brings more competition for Tesla in the robotaxi space which already includes Alphabet Inc.'s (NASDAQ:GOOG) (NASDAQ:GOOGL) Waymo and Amazon.com Inc.'s (NASDAQ:AMZN) Zoox.
Tesla shares have fallen nearly 50% year-to-date as the company faces declining sales, increased competition and political controversy.
Deepwater Asset Management managing partner Gene Munster told Benzinga that he remains bullish on Tesla.
"I'm still positive for the long term. Believe they're the best positioned company for physical AI. Jensen talked about Physical AI today at the NVDA keynote," Munster said.
Huang reviewed the development of AI as a timeline and discussed how the focus shifted from generative AI to agentic AI and now to physical AI, or robotics.
"Artificial intelligence has made extraordinary progress," Huang said and explained the next phase is physical AI.
"A new era of AI we call physical AI," he said.
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Today, after hitting the high near 24,000 in the early session and entering bearish positions, the index fell sharply by nearly over 600 points, immediately recouping yesterday's losses significantly.
Moreover, today it broke the new high again, reaching a maximum of 24,076, but by the end of the market, it fell back by about 70 points, producing a bearish candle. The current trend has not yet been broken, but from the previous low until now, it has risen close to 6,000 points. It is believed that those with positions can continue to hold until there is a clear trend reversal for profit-taking. Those without positions can wait for a pullback to get in. Actually, it is hoped for a quick pullback, as it allows for entry and also provides a healthy breath.
Currently, the outlook remains the same as before. It is believed that even if there is a pullback, it shouldn't be too deep. However, if Futures fail to stabilize and close below 22,350, there may still be room for decline. The chance of Futures falling below 21,400 in the short term should be low, so it is considered that if a significant pullback occurs, it presents a good opportunity to incrementally go long. Recently, there has been a consistent approach to not hold positions overnight, only focusing on immediate trades, as there is no high chasing and no casual short selling.
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