Finbold turned to Perplexity AI for a price prediction on Nio Inc (NYSE: NIO) stock price based on real-time insights. Perplexity Online is gaining popularity in the artificial intelligence space since OpenAI listed the startup among its most feared competitors.
One thing that distinguishes Perplexity from other AIs is its capacity to scan the web in real time for up-to-date insights. Leveraging this capacity, Finbold previously got a price prediction on Nvidia (NASDAQ: NVDA) stock and discovered the most popular investment assets for 2024.
We asked Perplexity AI to analyze NIO stock amid ongoing positive and negative developments related to Tesla (NASDAQ: TSLA). Tesla has faced some negative analysis and disappointment with the Robotaxi event but holds positive expectations, waiting for the Chinese FSD approval.
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As of this writing, NIO is trading at $5.29, down 37.23% year-to-date. Finbold explored some theories on why Nio stock has been crashing recently.
Nio stock price bullish case by Perplexity AI
Overall, analysts seem bullish about Nio reaching a consensus of $11.95 per share, according to Perplexity AI. This would mean over 100% gains from current prices, highlighting the growth potential from the current point.
“Positive economic data from China, including a 4.6% year-over-year GDP growth in the third quarter, could continue to boost NIO and other U.S.-listed Chinese stocks. NIO’s recent partnerships, such as the one with UAE telecom group e&, could enhance its market presence and drive future growth.”
– Perplexity Online AI
NIO stock bearish scenario
On the other hand, the bearish scenario is playing out, as evidenced by NIO stock’s year-to-date performance. This poor price performance is aligned with Bank of America’s (BofA) price target of $5.30 at a “neutral” rating.
However, even the bearish scenario is slightly positive, considering BoA’s new target was an increase from a previous $5.0 per share.
As things develop, different aspects will directly impact Nio stock’s price performance in the following months and years. Tools like Perplexity Online AI help gather valuable insights but should not be considered in isolation.
