Elon Musk’s electric vehicle (EV) maker, Tesla Motors (NASDAQ: TSLA), has offered investors an emotional roller coaster ride throughout 2024.
The stock started the year with a profound collapse, became the worst-performing S&P 500 security for a time, made a stellar recovery in the summer after several solid delivery and earnings reports were unveiled, and finally stabilized near $230 by mid-September.
Additionally, the stock market situation in the early hours of September 16 does not appear much less volatile. The expected interest rate cuts are likely to lead to a broad rally – but some believe it could also trigger a crash.
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Tesla’s upcoming ‘Robotaxi’ event is simultaneously viewed with optimism and fear. Success could help TSLA reach unprecedented highs, while disappointment would only further stain the EV maker’s reputation.
Seeking clarity on TSLA share’s prospects in the remaining months of 2024, Finbold elected to consult OpenAI’s brand new ChatGPT model – the o1.
ChatGPT o1 sets Tesla stock price target for end of 2024
Following the trend of difficulty in gauging Tesla’s stock market health, the first hurdle to overcome was that o1-preview does not have access to the live internet like its predecessors.
To resolve this issue, Finbold leveraged the abilities of ChatGPT-4o to compile events important for assessing TSLA shares and, after verifying their accuracy, provided them to the new, reasoning-focused model.
ChatGPT-o1 then, after analyzing Tesla’s general performance and the recent turbulence, assessed the EV maker is likely to be in a slight uptrend in the remaining months of the year.
Indeed, the artificial intelligence (AI) model judged that the upcoming FOMC meeting, Tesla’s ‘Robotaxi’ event, technological advancements, and plans for producing cheaper vehicles all bode well for the firm.
Nonetheless, it elected to limit the upside as much uncertainty remains.
Per the AI, some of the biggest dangers for TSLA stock’s performance come from increased competition, potential regulatory roadblocks to self-driving technology, and overall market volatility.
Ultimately, OpenAI’s o1 model considers it realistic that Tesla shares will climb 8.68% from their latest closing price of $230.03 and reach $250 by the end of 2024.
Stock market experts gauge Tesla stock’s prospects by the end of 2024
Elsewhere, human analysts remain rather divided when it comes to Tesla’s 2024 stock market prospects.
Peter DiCarlo, a prominent trading expert, made an X post earlier in September explaining that TSLA shares could soon target the price range between $280 and $300 as they have been gaining bullish momentum in recent weeks.
One of the first steps needed for DiCarlo’s scenario to play out has, in fact, already taken place. According to a Tesla stock price chart, the EV maker’s shares have, after rising 3.28% in the last 30 days, crossed above $230 and achieved their latest closing price of $230.03.
Another trading analyst, known as Jonalius on TradingView, also believes that TSLA is on its way up and has identified $240 as a crucial resistance level it needs to break to target price levels near $300.
Still, despite some reinvigorated optimism, Tesla is not bereft of bears.
Gordon Johnson, one of the most prominent critics of the EV maker, opined in late August that TSLA will never regain its old highs as they arose primarily from unique, Covid-induced market conditions.
More recently, Johnson expressed his skepticism about Tesla’s technological prowess as he pointed out the firm’s long history of broken promises, particularly with regard to self-driving.
Should such an assessment prove correct, it would bode ill for TSLA stock’s future, given how much it relies on being perceived as a big tech firm and not just a car manufacturer for its high valuation.
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Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
