Shares of Tesla, Inc. TSLA jumped 3.06% on Tuesday, closing at an all-time high once again. On top of that, the electric car behemoth earned high praise from one of the technology industry’s most famous names.
Speculation surrounding Tesla's Model 3 sedan continues to help fuel the automaker's gains, even though the affordably priced electric car isn’t supposed to start shipping until the end of the year. Still, Tesla’s stock price has skyrocketed from $216.99 per share in early January to $335.10 today. The company’s market cap currently stands at $55 billion, which places it firmly ahead of General Motors GM and Ford F.
This meteoric rise might seem crazy for a company that really doesn’t sell many cars. But Elon Musk keeps debuting innovations at a rapid pace. What’s more, Apple AAPL co-founder Steve Wozniak said in an interview with Bloomberg on Friday that he thinks Tesla might be the most innovative company in Silicon Valley.
Wozniak spoke about the rise of artificial intelligence in everything from gaming to language. But he said the first “moonshot” will be the use of AI to produce self-driving vehicles. When he was asked who he thinks will drive this wave, he responded by saying that, in his view, Tesla (TSLA) is headed in the “best direction” to capitalize on the technology.
He continued by stating that he thinks Tesla “put an awful lot of effort into very risky things,” in the transportation sector. Wozniak praised Musk’s commitment and vision.
“I’m going to bet on Tesla,” he said. “They start with a car, the Tesla Model S, that made little sense in engineering terms, in how much you have to build for what price and what the market will be. But it fit one person's ideal of this will be the most beautiful, you know, a very beautiful, elegant and simple device to use."
The Apple co-founder also supported Musk’s plans to build faster traffic-free ground transportation, including the Hyperloop.
Despite Tesla’s constant climb and high praise from a tech giant, investors might consider that Telsa is currently a Zacks Rank #4 (Sell) with some questionable fundamentals at the moment. Nevertheless, this stock seems to trade unlike any other on Wall Street.
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