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Investing.com -- Tesla (NASDAQ:TSLA), the electric-vehicle maker, is leading premarket gains among the Magnificent Seven stocks, following approval in California to start carrying passengers in its vehicles.
This approval is a significant stride towards Tesla’s entry into the ride-hailing services market. On Wednesday, Tesla stock rose by 2.5% in premarket trading, indicating the potential to break a two-day losing streak.
In other premarket activity, shares of Nvidia (NASDAQ:NVDA), the chipmaker, are also on an upward trajectory, showing a 0.5% rise. This comes after the company experienced a 3.4% loss on Tuesday.
Analysts have expressed positivity regarding the announcements made at Nvidia’s annual developers conference. However, Bloomberg Intelligence pointed out that there were no significant surprises revealed at the event.
The Magnificent 7 index, an equal-weighted measure of the stocks, has seen a decrease of approximately 16% this year. This follows a substantial rise of 67% in 2024. The index includes both Tesla and Nvidia among others.
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