Stock Market Today, March 23: Tesla Rises on Joint Venture Plans to Build a Semiconductor Plant for AI Chip Production
2026-03-23 17:19:22 ET
EV maker Tesla (NASDAQ:TSLA) closed Monday at $380.83, up 3.50%. The stock moved higher as investors weighed fresh analyst downgrades and delivery cuts against news surrounding Tesla’s artificial intelligence (AI) strategy.
Trading volume reached 72.6 million shares, coming in nearly 18% above its three-month average of 61.3 million shares. Tesla IPO'd in 2010 and has grown 23,852% since going public.
The S&P 500 (SNPINDEX:^GSPC) advanced 1.16% to finish at 6,582, while the Nasdaq Composite (NASDAQINDEX:^IXIC) climbed 1.38% to close at 21,947. Among automobile manufacturing peers, Ford Motor Company (NYSE:F) closed at $11.76 (+2.08%) and General Motors (NYSE:GM) finished at $75.72 (+4.00%) as investors assessed sector safety and demand trends.
Over the weekend, CEO Elon Musk revealed the Terafab initiative, outlining plans for a semiconductor manufacturing facility. This project will be a collaboration between Tesla, xAI, and SpaceX, with the early phases projected to require an investment in the tens of billions of dollars.
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