Tesla Stock Gains 11% This Week as Nvidia Shares Drop 11%

Tesla shares rose 11% this week through Friday premarket, trading near $400, while Nvidia fell 11% over the same period, leaving the two stocks on sharply different weekly paths.

Nvidia’s decline followed the resignation of company founder Jensen Huang. Tesla traded at $399.82 in Friday premarket, up 0.6%, after rising 1.7% Thursday to close at $397.45. The stock reached $401.22 during Thursday’s session.

Tesla’s advance follows a 10.4% weekly decline during the week of the U.S. midterm elections. Despite the rebound, shares remained down 12% year to date.

Finland approved supervised use of Tesla’s Full Self-Driving (FSD) software. Tesla had 1.7 million FSD users, mostly in the United States, up 67% from a year earlier.

Tesla’s latest quarterly results, released Oct. 21, showed $28.05 billion in revenue, down 0.2% from a year earlier, and earnings per share of 48 cents. The stock is valued at about 200 times expected earnings for the next 12 months, with a market value of $1.57 trillion.