Tesla Inc (NASDAQ: TSLA) shares gained another 2% yesterday (overnight Aussie time).
I say ‘another’ because if you’ve been watching the tech company’s stock, you’ll know it’s been on an absolute tear in 2023.
How much of a tear?
Well, since the opening bell on 3 January, Tesla shares have gained an eye-watering 144.8%.
And this is no small-cap stock we’re talking about.
At the current share price of US$264.61, Tesla has a market cap north of US$829 billion.
And judging by the interest shown by Aussie investors, Elon Musk’s brainchild could be on track to retest the all-time highs set in November 2021.
Tesla shares ‘most traded’
According to Tiger Brokers Australia chief investment officer Brett Reynolds, “Tesla shares are consistently the most traded shares on Tiger Trade. Australian traders have a keen interest in the stock’s performance.”
Reynolds said that US-listed technology companies are, in general, drawing strong interest from Aussie investors.
“For Australian investors, the US market is offering significant opportunities to deliver strong returns,” he said.
Indeed, so far in 2023, the Nasdaq Composite Index (NASDAQ: .IXIC) is up a whopping 31.2%. That compares to a 2.6% gain posted by the S&P/ASX 200 Index (ASX: XJO) over this same period.
Comparing apples to apples, the S&P/ASX All Technology Index (ASX: XTX) has done much better, up 19.3% year to date. But still, that’s far behind this year’s returns from the NASDAQ.
“The US tech stocks are delivering a strong rally that the Australian market can’t match,” Reynolds said.
Noting the strong performance put in by Tesla shares this year, Reynolds added:
Traders have been short selling the stock and are being caught out. With supportive announcements about the Tesla supercharging network, including Ford, GM and now Rivian committing to use it, there is a lot of positive news supporting the price rally.
As The Motley Fool reported last week, Tesla shares looked primed for a boost after both Ford Motor Co (NYSE: F) and General Motors Co (NYSE: GM) reported they will adopt Tesla’s North American Charging Standard (NACS) across Canada and the United States.
