Tesla's stock is getting trounced by EV challenger Lucid, which is leading techs' 2023 rally thanks to Saudi takeover rumors
Tech stocks have started 2023 with a bang, thanks to investors' growing expectation that the Federal Reserve will have to abandon hikes and start cutting interest rates later this year to support the US economy. Equities tend to rally when interest rates fall, because a lower cost of borrowing boosts the future cash flows that make up part of companies' valuations.
The stock jumped 43% on January 27 alone, after the deals website Betaville reported the Saudi PIF could be close to finalizing a full takeover. Analysts are skeptical that stock in the company — which produced just 7,100 vehicles last year, compared with Tesla's 1.3 million — will be able to maintain its current rally.
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