Is Tesla 2024 like Apple before the iPhone, Nvidia pre-AI chips, and Amazon when it only sold books?

The investing paradigm on Tesla (NASDAQ:TSLA) has dramatically changer after Elon Musk’s public support for President-elect Trump has paid off with a post-election rally of over 30%.

Of course, the election came shortly after Tesla’s (TSLA) all-in bet on autonomous vehicles and its own robotaxi platform.

Morgan Stanley analyst Adam Jonas said the firm sees enthusiasm for all things AI, datacenters, renewable energy, robotics, and on-shoring. “Investors acknowledge the importance of the United States maintaining leadership in such technologies in an increasingly competitive and complex geopolitical environment,” he highlighted.

Jonas and his team think that over the next few years, Tesla’s (TSLA) total addressable market aperture will expand to far wider domains, many of which are not included in buy-side or sell-side financial models for the company. Interestingly, Jonas said the Nvidia (NVDA) model transition to AI is not far off from the new Tesla (TSLA) focus on autonomy. He also asked how many saw the potential for Apple (AAPL) to move beyond the iPhone, or Amazon (AMZN) beyond selling books online?

For the near term, Morgan Stanley thinks there are too many policy variables in play to change its forecasts or implied multiples. The firm’s base case price target on TSLA is $310 and the bull case PT is a lush $500.

Shares of Tesla (TSLA) finally cooled off from their post-election rally, shedding 2.5% in late morning trading on Tuesday.