Nvidia Corp. (NASDAQ:NVDA) has been riding high on the stock market, with a stellar quarterly earnings report that sent the stock soaring. However, Tesla Inc. (NASDAQ:TSLA) CEO Elon Musk has noticed his company’s own impressive returns on investment in autonomy technology, indicating that Nvidia’s ranking as the top tech performer may not last. Bloomberg anchor Jon Erlichman reported that Nvidia earned a 10,519% return over the past decade, followed by advancement in microdevices (NASDAQ:AMD) with 4,342%, and Tesla with 2,756%. Tesla may be considered a tech firm due to its focus on autonomous driving tech, according to Musk. Musk pointed out Tesla’s impressive performance on the market, saying “for now,” suggesting that their success could continue to grow and potentially challenge Nvidia’s large-cap dominance.
While Tesla’s stock value was impacted in 2021 due to economic uncertainty, production slowdowns, and increased interest rates, it’s anticipated the company’s price will soon recover. ARK Invest CEO Cathie Wood expects Tesla’s shares to hit $2,000 by 2027, while Baron Capital’s Ron Baron predicts a similar trajectory by 2030. Tesla’s sub-$30,000 cars, Cybertruck, and energy storage division may drive growth for the company outside of its autonomous vehicle technology.
Tesla’s current price sits at $184.47, a 0.86% increase from the previous day’s close according to Benzinga Pro data.