Big Gains for Tesla, AI and Big Tech as Donald Trump Wins 2024 US Presidential Elections
Donald Trump’s victory in the 2024 U.S. Presidential Elections is all set to have a significant impact on the tech industry. Analysts predict a bull market for tech stocks, particularly in sectors like AI, space exploration, and electric vehicles (EVs).
According to morningstar.com, Trump’s policies are expected to create favorable conditions for tech companies, leading to a surge in stock prices.
Even with continuous concerns over Election Cybersecurity, authorities have declared the election fair. Following decisive wins in key swing states, Trump took the stage to celebrate his victory over Democratic candidate Kamala Harris.
Trump’s Praise for Elon Musk
During his post-victory speech, Trump gave special recognition to Elon Musk, CEO of Tesla and SpaceX. Trump referred to Musk as “a super genius” and said, “We have a new star… a star is born—Elon!”
Donald Trump praised Elon Musk’s efforts in pushing forward America’s space program through his company Space X and the new starship rocket, saying “He (Elon) is a super genius. We must protect our geniuses, we don’t have many of them,“.
Trump also promised Musk to make him the head of a government efficiency commission post winning the 2024 US Elections.
AI, Big Tech, and The EV Market Under Trump
Wedbush Analysts expect Trump’s administration to prioritize AI development, which could be highly beneficial to major tech companies like Microsoft, Amazon, and Google.
Trump’s policies will focus on prioritizing AI advancements that will offer a massive boost to companies leading in the industry. The new president will also promote Tesla’s full self-driven car and autonomous initiative.
Although amendments made in the Inflation Reduction Act could negatively impact certain companies like Intel but the broader focus on AI could help other Big Tech firms grow.
Regulatory Changes and Antitrust Relief for Big Tech
A key change under Trump’s leadership could be the departure of Lina Khan from the Federal Trade Commission (FTC). Khan has been a prominent figure in regulating tech deals and has posed challenges for Big Tech in terms of antitrust scrutiny.
Her potential exit would be seen as a positive development for the industry, easing regulatory pressures on the tech deals.
Tesla and The EV Market
While the broader EV market may face challenges due to tax and rebate changes, Trump’s policies are expected to favor Tesla. The increased tariffs on Chinese EV manufacturers in the U.S. market could also benefit Tesla, as it faces less competition from Chinese companies. Overall, Trump’s presidency is to provide significant opportunities for growth in both Big Tech and the EV sector.
