Weekly forecast: Tesla shares jump 7% to all-time high on AI optimism
Tesla shares are finishing the penultimate week of the year with a gain of more than 7% and a new all-time high. On December 16, TSLA closed at a record level of $490, pushing Tesla’s market capitalization to $1.63 trillion and making it the world’s seventh-largest company by market value, behind Nvidia, Apple, Alphabet, Microsoft, Amazon, and Meta.
The company’s largest shareholder, Elon Musk — the world’s richest person — became even wealthier, with his net worth reaching approximately $671 billion.
Notably, Tesla’s stock rally is not driven by peak vehicle sales but by statements and news related to the rollout of autonomous driving technology, which shareholders view as the beginning of a fully driverless era, as well as Tesla’s in-house chip production, signaling the company’s expansion beyond automaking into the broader AI market.
In this particular case, Tesla shares reached their peak following Elon Musk’s announcement about testing fully autonomous vehicles in Austin, Texas. In addition, this week the company reported plans to launch battery production at its Gigafactory in Grünheide, Germany, in 2027.
Further upside remains possible
At the time of writing, TSLA was trading at $481, down 0.5% on the day. Given that the market is digesting the recent all-time high, the most likely scenario for next week is consolidation in the $460–490 range.
Tesla stock daily chart. Source: TradingView
Under a bullish breakout scenario, Tesla could overcome the $500 resistance level and advance toward $520–540, especially if delivery data exceeds expectations or if new developments emerge related to Tesla’s AI and autonomous ambitions.
However, in the event of overbought conditions or negative macroeconomic data, Tesla shares could pull back toward key support levels, giving up part of the weekly gains. In this case, a decline toward $450 is possible.
As we wrote, Tesla stock gains 3.7% as investment in German battery production grows to $1.2 billion
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