Tesla Rallies 8.4% to $411.84 on June 29 as Musk Posts on FSD Hardware Update

According to Barron's, Tesla stock surged 8.4% on June 29 to close at $411.84, recovering all losses from the prior week and gaining additional upside. The rally occurred despite limited fundamental catalysts; no Wall Street analyst upgrades or downgrades were announced that day.

CEO Elon Musk's social media posts may have provided support. On Monday, he announced that Tesla has begun deploying new Full Self Driving (FSD) hardware updates to vehicle owners with AI3 computers, Tesla's 2019-generation onboard processor. Musk noted the AI3 chip has only about 15% of the memory bandwidth of the newer AI4, making the engineering achievement "quite impressive."