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Mid-Week Most Active Stocks: Tesla Overtook Nvidia

According to Interactive Brokers (IBKR), customers chose to trade more shares of Tesla (TSLA) than Nvidia (NVDA). Tesla stock soared to close at $262.33, up by an impressive 51.65% in the last quarter. In mid-May, TSLA stock consolidated at $180, finding support at the 50-day simple moving average.

Nvidia, however, stalled in its post-stock split status. Traders seeking to earn profits quicker are confident in Tesla again. The firm posted second-quarter deliveries that beat expectations slightly. Unfortunately, the global decline in electric vehicle demand shows no signs of changing. Consumers are tapped out on credit. They are waiting for EV prices to fall more.

Hybrid and gas-powered vehicles are also attractive again. Owners would not suffer from “range anxiety” like they would with an EV.

Global risks are rising for Tesla. Supplies continue to rise as China aggressively exports more EVs. With countless EVs stuck at European ports for more than a year, customers may choose to buy a Chinese-branded EV at a heavy discount. This hurts Tesla’s sales prospects.
Your Takeaway

Tesla has positive investor sentiment to run higher. Momentum is on its side, helped by a charismatic CEO who promises to release full self-driving, robotaxis, and cheap Tesla Model 2 vehicles.