Why Tesla Stock Was Soaring Today

Shares of Tesla (NASDAQ: TSLA) were surging today as investors looked past the weak first-quarter earnings report from the leader in electric vehicles (EVs). They were instead swayed by CEO Elon Musk's insistence that the stock should be valued as an artificial intelligence (AI) and robotics company rather than an auto stock.

Tesla also talked up its push into autonomous vehicles (AVs) and the robotaxi on the earnings call, as well as its upcoming more-affordable EV that some have dubbed the Model 2.

With the stock down sharply this year, the comments were enough to encourage investors to lift the beaten-down stock price, which was up 11.9% as of 11:22 a.m. ET on Wednesday.

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Source Fool.com