Stock Track | ARKK Innovation ETF Soars on Tesla Optimism After Trump's Victory

Stock Track11-12

The ARK Innovation ETF (ARKK) surged over 7.9% on November 11th, driven by renewed bullishness surrounding its top holding, Tesla Inc. (TSLA). Tesla's stock has been on a remarkable tear since the victory of President-elect Donald Trump, gaining over 27% as investors anticipate a more favorable regulatory environment for the electric vehicle maker's autonomous driving and artificial intelligence initiatives under the incoming administration.

Wedbush Securities analyst Dan Ives, a longtime Tesla bull, raised his price target on the company to $400 from $300, citing the belief that a "Trump White House win will be a gamechanger for the autonomous and AI story for Tesla and Musk over the coming years." Ives expects Tesla's Cybercab robotaxi service to be a key beneficiary of more lenient regulations on self-driving vehicles under Trump.

While ARKK manager Cathie Wood has trimmed her fund's Tesla stake in recent weeks, the EV giant remains ARKK's top holding with a 14.94% weight as of November 9th. Consequently, ARKK's performance is closely tied to Tesla's stock movements, and the positive outlook for the automaker under a Trump presidency appears to be driving ARKK's surge.

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