The recent downturn in Tesla Inc.'s (NASDAQ:TSLA) shares is more likely due to a broader sell-off in AI stocks than a potential share sale by Elon Musk, according to Gary Black.
What Happened: On Friday, the managing partner at The Future Fund, refuted the idea that Musk was offloading Tesla shares to meet financial obligations for X before the Q3 trading window closes.
Instead, he identified a guidance miss by Broadcom Inc. (NASDAQ:AVGO) as the probable trigger for the selloff in AI stocks selloff, which includes Tesla because of the EV giant's AI play due to full self-driving, or FSD, among other things.
Black's assessment indicates that Tesla's stock price drop aligns with the performance of other AI stocks such as NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices, Inc. (NASDAQ:AMD), and Marvell Technology Group Ltd. (NASDAQ:MRVL), all of which have seen significant declines.
"It would be easy to conclude Elon is selling Tesla shares (-5.5%) today to plug the X liquidity hole before the 3Q trading window closes, but I don't think it's that," he noted.
Instead, Tesla, as a member of the AI sector, is undergoing a similar downturn to those of these other AI stocks, Black stated.
It would be easy to conclude Elon is selling $TSLA shares (-5.5%) today to plug the X liquidity hole before the 3Q trading window closes, but I don't think it's that. More likely, the $AVGO guidance miss (-9.7%) is causing a lot of AI stocks to sell off ( $NVDA -4.5%, $AMD...
— Gary Black (@garyblack00) September 6, 2024
Why It Matters: Previously, it was reported that despite the industry-wide downturn, Tesla has expanded its ancillary businesses. The EV giant has also gained favor by avoiding missteps like those made by General Motors and Volkswagen.
However, the AI sector, including Tesla, has been impacted by a broader sell-off, as evidenced by the sharp premarket trading drop in Nvidia stock on Friday.
Nvidia saw a dramatic $279 billion decline in its market value shortly after the company announced its quarterly financial results.
Despite sales doubling, the results fell short of investor expectations. The news led to a 2.1% drop in the S&P 500—its largest single-day decline since early August.
That said, September is known for increased volatility and market corrections, making this turbulence not unusual for U.S. stocks.
Price Action: Tesla shares closed Friday's trading session significantly down by 8.45% at $210.73. In after-hours trading, the stock climbed slightly, reaching $211.50, according to Benzinga Pro.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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Gary Black認爲，特斯拉公司 (NASDAQ：TSLA) 股價近期下跌更有可能是由於人工智能股票的普遍拋售，而不是埃隆·馬斯克可能出售股票。
發生了什麼：週五，The Future Fund合夥人否認了馬斯克在第三季度交易窗口關閉前拋售特斯拉股票以履行 X 財務義務的說法。
相反，他認爲博通公司 (NASDAQ:AVGO) 未能達到預期可能是引發人工智能股票拋售的可能原因，其中包括特斯拉，因爲這家電動汽車巨頭在全自動駕駛 (FSD) 等技術上投入了人工智能。
Black的評估表明，特斯拉股價下跌與其他人工智能股票的表現一致，例如 NVIDIA Corporation (NASDAQ:NVDA)、Advanced Micro Devices, Inc. (NASDAQ:AMD) 和 Marvell Technology Group Ltd. (NASDAQ:MRVL)，這些股票均出現了大幅下跌。
「很容易得出這樣的結論：Elon今天拋售特斯拉股票（-5.5%）是爲了在第三季度交易窗口關閉前填補X流動性漏洞，但我認爲事實並非如此，」他指出。
相反，Black表示，作爲人工智能領域的一員，特斯拉正經歷與其他人工智能股票類似的低迷。
很容易得出這樣的結論：埃隆今天正在出售 $TSLA 股票（-5.5%），以在第三季度交易窗口關閉之前填補 X 流動性漏洞，但我認爲並非如此。更有可能的是，$AVGO 的指導不及預期（-9.7%）導致大量 AI 股票被拋售（$NVDA -4.5%，$AMD...
Gary Black (@garyblack00) 2024年9月6日
爲什麼重要：此前有報道稱，儘管全行業低迷，但特斯拉仍在擴大輔助業務。這家電動汽車巨頭還通過避免通用汽車和大衆那樣的失誤而獲得了青睞。
然而，包括特斯拉在內的人工智能行業受到了更廣泛的拋售的影響，週五英偉達股價盤前大幅下跌就是明證。
英偉達在公佈季度財務業績後不久，市值就大幅縮水了 2790 億美元。
儘管銷售額翻了一番，但業績仍未達到投資者的預期。該消息導致標普 500 指數下跌 2.1%，創下自 8 月初以來的最大單日跌幅。
儘管如此，9 月份以波動性增加和市場調整而聞名，因此這種動盪對美國股市來說並不罕見。
股價走勢：特斯拉股票在週五的交易中大幅下跌了8.45%，至210.73美元。在盤後交易中，股價稍微上漲，達到211.50美元，根據Benzinga Pro的數據。
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