What Happened? Shares of electric vehicle pioneer Tesla (NASDAQ:TSLA) fell 7.4% in the morning session after CEO Elon Musk announced over the weekend his intention to form a new political party, the "America Party.

Tesla, Inc. (NASDAQ:TSLA) is one of the AI Stocks Making Waves on Wall Street. On July 9, RBC Capital analyst Tom Narayan raised the price target on the stock to $319.00 (from $307.00) while maintaining an “Outperform” rating.

Despite these issues, Tesla investors appear to be convinced that the company will experience a surge in sales trends at some point. This is evident by the wild premium the stock commands. Shares trade at a price-to-earnings ratio of 169 as of this writing. A valuation like this bakes in huge sales and earnings growth for years to come.