Tesla Inc (TSLA)

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Tesla (NASDAQ:TSLA) – According to Reuters, several institutional investors in Tesla, including major mutual funds and investment managers, are selling their shares, discouraged by signs of declining growth. Tesla’s shares have fallen about 30% this year and more than 50% since 2021, amid increasing competition and declining sales. In May, Tesla’s electric vehicle sales in China fell 6.6% year-over-year to 72,573 units, marking the second consecutive month of decline. This decrease follows a reduction in Model Y production at its Shanghai factory in response to declining demand. Additionally, Tesla will halt production at its German factory in Gruenheide for five days in June, the third pause this year. In other news, Elon Musk highlighted that Nvidia hardware represents about two-thirds of the cost to build AI superclusters. Tesla plans to spend between $3 billion and $4 billion on Nvidia hardware this year as part of a broader $10 billion AI investment.