In This Article:
Tesla (TSLA)
Shares in electric vehicle marker Tesla surged 6% in Monday's session to close at a new high of $463 and was up nearly 2% more in pre-market trading on Tuesday.
The stock is up nearly 19% over the past five days alone, with Tesla CEO Elon Musk's connection to US president Donald Trump acting as a catalyst for shares.
Musk, a major supporter of Trump election campaign, has been appointed to co-lead the extra-governmental Department of Government Efficiency (DOGE). Investors believe that Trump's return to the White House could offer a potentially more supportive policy environment for Tesla.
Read more: FTSE 100 LIVE: Stocks slip as UK job vacancies fall after tax-raising budget but pay growth picks up
Wall Street analysts have subsequently been raising their price targets on the stock and Wedbush Securities' Dan Ives made a particularly bullish call on the stock on Monday.
He upped his price target to $515 (£406) from $400 a share in a note to clients on Monday.
“We estimate the AI and autonomous opportunity is worth at least $1 trillion alone for Tesla and we fully expect under a Trump White House these key initiatives will now get fast tracked," he said.
Nvidia (NVDA)
Chipmaker Nvidia dipped nearly 2% on Monday, with the shares continuing a recent run of weaker performance.
In fact, Nvidia is the only member of the Magnificent 7 whose stock has declined since the election.
The stock has lost some of its shine over the past few weeks, on the back of its most recent set of quarterly results.
Read more: Is London's FTSE still a good place to list companies? Yahoo Finance readers have their say
While key metrics topped expectations, investors were disappointed by a decline gross margins and the company's guidance on revenue, fuelling concerns over slowing growth.
Even so, Nvidia shares are still up 167% year-to-date and analysts have remained confident about the company's prospects.
For example, investment bank Morgan Stanley (MS) had a "overweight" rating on the stock in its note on 21 November, saying it remained analysts' top pick in the semiconductor space and upped their price target on the stock from $160 to $168 per share.
Broadcom (AVGO)
While Nvidia shares continued to lag on Monday, fellow chipmaker Broadcom surged 11%, taking its market valuation beyond the $1tn mark.
Broadcom shares had already surged on the back of its latest quarterly results last week and guidance from CEO Hock Tan in a post-earnings call.
Tan said the company expects its custom AI chips will generate between $60bn and $90bn in revenue over the next three years from its three existing hyperscaler customers