The unprecedented success of ChatGPT led to artificial intelligence (AI) mania, leaving well-established tech companies scrambling to launch competitive products. One such solution is Google Bard, Alphabet’s own generative AI product that has demonstrated a vast range of abilities, including predicting future market trends in the stock market.
In this regard, Finbold tapped Bard on Monday, May 29, to predict the potential price of Tesla (NASDAQ: TSLA) by the end of 2023. The AI tool was quite bullish on TSLA, citing several factors that it believes could propel its stock price in the second half of the year.
Specifically, Bard said it believes Tesla’s shares are likely to “trade between $200 and $300 per share by the end of the year.”
– Google Bard said.
“I believe that the company is well-positioned to continue to grow its sales and earnings in the coming years, and that the risks to its stock price are manageable.”
On the other hand, the chatbot said it also expects TSLA to continue experiencing volatility, cautioning investors to be ready for some ups and downs in terms of stock price.
Factors that could drive Tesla’s stock
After commenting on the potential price level, Bard listed several factors that could impact Tesla’s stock price in 2023.
Primarily, the chatbot said it expects the global demand for electric vehicles (EVs) to continue growing this year, adding that Tesla is well-positioned to capture a significant share of this market, thanks to its strong brand and a broad EV lineup.
In addition, the world’s largest EV maker continues to invest heavily in new technologies, Bard said, such as self-driving and batteries.
At the same time, Google’s AI solution also pointed out factors that could put pressure on TSLA, including the carmaker’s financial performance, the global economy and intensifying competition.
According to Bard, Tesla’s share price should continue to rise if the carmaker’s earnings and revenue continue to grow, while headwinds such as sales decline or production delays could drive the price down. Bard also noted increasing competition from other companies like China-based EV makers, General Motors, Ford (NYSE: F), and Volkswagen, all of which are fighting to grow their respective market shares.
Tesla stock price analysis
At press time, Tesla’s stock stood at $193.17, after jumping 4.72% in the trading session on Friday, May 26. Over the week and month, the stock soared more than 9% and 20%, respectively.
Year-to-date, Tesla’s shares are up over 63%, marking a significant rebound from a disastrous 2022, during which the carmaker’s shares saw their worst-ever annual decline of 65%.
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