Tesla Becomes Most Held Stock on Robinhood Platform, Surpassing Apple and Nvidia

TLDR

Table of Contents

Tesla has become the most held stock on Robinhood, surpassing Apple and Nvidia
Ark Invest’s Cathie Wood predicts Tesla stock will reach $2,600 by 2029, representing 646% upside
Wood’s forecast relies heavily on Tesla’s robotaxi operations generating 63% of company revenue by 2029
Tesla faces execution challenges with autonomous driving promises and declining vehicle margins due to competition
The stock trades at 121 times estimated 2026 earnings despite projected 39% EPS decline from 2022-2026

Tesla has overtaken Apple and Nvidia to become the most held stock among Robinhood users. The electric vehicle maker now sits at the top of the platform’s “100 Most Popular” list as of June 23, 2025.

Ark Invest’s Cathie Wood forecasts Tesla stock will reach $2,600 per share by 2029. This represents potential upside of 646% from the June 23 closing price of $348.68.

Apple previously held the top spot due to its iPhone success and massive share buyback program. The company has repurchased approximately $775 billion worth of stock since 2013, representing over 43% of outstanding shares.

Nvidia gained popularity as the face of the AI revolution. Its H100 and Blackwell graphics processing units dominate AI-accelerated data centers, allowing the company to charge premium prices.

Wood’s Robotaxi Vision Drives Price Target

Wood’s bullish Tesla prediction centers on autonomous robotaxi operations. Ark Invest projects robotaxis will generate 63% of Tesla’s estimated $1.2 trillion in annual sales by 2029.

I went from one robotaxi to the next and the same song was playing in the next one since the vehicles are synced to my profile 😭 this is one of the best parts of robotaxi pic.twitter.com/DJvHTOH5Jp
— Dirty Tesla (@DirtyTesLa) June 25, 2025

The firm expects 86% of Tesla’s earnings before interest, taxes, depreciation, and amortization to come from robotaxis by that time. This represents a major shift from Tesla’s current automotive focus.

Tesla has expanded beyond electric vehicles into energy generation and storage. The company generated close to $11.2 billion in sales from this segment over the trailing four quarters ended March 31, 2025.

CEO Elon Musk oversees Tesla’s robotaxi service launch in Austin, Texas. The service currently operates with just 10 vehicles in a geofenced area due to unproven technology.

Execution Challenges Cloud Tesla’s Future

Tesla faces questions about Musk’s ability to deliver on promises. The CEO has predicted Level 5 autonomy would arrive “next year” for 11 consecutive years, yet Tesla remains at Level 2 autonomy.

Competition has pressured Tesla’s vehicle margins as other automakers enter the EV market. Musk has implemented more than half a dozen price cuts on Models 3, S, X, and Y over the past two years.

Apple’s growth has stagnated between fiscal 2022 and 2024. Net income fell from $99.8 billion to $93.7 billion, while net sales dropped from $394.3 billion to $391 billion.

Nvidia faces potential headwinds from export restrictions to China and increasing competition. Historical precedent suggests AI technology could experience a bubble-bursting event similar to other breakthrough technologies.

Tesla trades at 121 times estimated 2026 earnings despite projected declining profits. Analysts expect Tesla’s earnings per share to fall 39% from 2022 through 2026, yet the stock has gained 183% since late 2022.

Tesla’s current market capitalization stands at $1.1 trillion, with shares closing at $327.69 on June 25, 2025, down 3.75% for the day.

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