Tesla has claimed the top spot as the most held stock on Robinhood, surpassing tech titans Apple and Nvidia amid soaring investor enthusiasm and a bold forecast by Ark Invest’s Cathie Wood.
Key Takeaways
- 1Tesla is now the most held stock on Robinhood, overtaking Apple and Nvidia
- 2Cathie Wood projects Tesla stock could rise 646% by 2029, driven by robotaxi revenue
- 3Tesla’s energy and AI divisions diversify its appeal beyond electric vehicles
- 4Apple and Nvidia face slowing growth and external challenges
Retail Investors Boost Tesla to Top Spot
Tesla has become the most widely held stock on Robinhood, the trading platform favored by retail investors. As of June 23, 2025, it leads the platform’s “100 Most Popular” list, edging out previous frontrunners Apple and Nvidia. This shift comes as Tesla continues to diversify beyond electric vehicles and draws attention with ambitious projections around autonomous driving.
Robinhood’s unique appeal to retail investors through fractional shares, commission-free trades, and an accessible mobile interface has made it a bellwether for small investor sentiment. The “100 Most Popular” list offers insight into what stocks are drawing the most enthusiasm, and Tesla’s recent rise signals a surge in investor confidence.
Cathie Wood’s Bold $2,600 Price Target
At the heart of the renewed interest in Tesla is a striking forecast from Ark Invest’s Cathie Wood, who predicts Tesla’s share price could hit $2,600 by 2029. That would represent a 646% gain from its closing price of $348.68 on June 23.
Wood’s optimism is anchored in Tesla’s planned expansion into AI-driven robotaxi services. Ark Invest estimates that robotaxis will account for 63% of Tesla’s projected $1.2 trillion in annual revenue by 2029, and 86% of its EBITDA. These numbers represent a dramatic pivot from Tesla’s current revenue mix, which is still largely dependent on electric vehicle sales.
Tesla CEO Elon Musk has launched a pilot robotaxi service in Austin, Texas, though it currently operates in a limited, geofenced area with just 10 vehicles.
Beyond EVs: Tesla’s Broader Appeal
Tesla’s ambition stretches far beyond cars. Its energy generation and storage segment brought in approximately $11.2 billion over the last four quarters ending March 31, 2025. This diversification appeals to investors looking for long-term stability beyond the cyclical nature of the auto industry.
Despite questions surrounding the timing of full autonomy and competitive pricing pressure, many Tesla shareholders continue to place faith in Musk’s vision. Tesla’s stock has climbed 183% since late 2022, even though earnings per share are projected to decline 39% from 2022 through 2026.
Apple and Nvidia Slide to Second and Third
Apple had long dominated Robinhood portfolios, bolstered by its iPhone success and a record-breaking $775 billion in stock buybacks since 2013. But between fiscal 2022 and 2024, Apple saw its net income drop from $99.8 billion to $93.7 billion, while sales stagnated at around $391 billion.
Nvidia, once considered the poster child of the AI boom, remains a market leader in GPU technology with its H100 and Blackwell chips. However, potential export restrictions to China, rising competition, and fears of a broader AI bubble have tempered investor enthusiasm.
CoinLaw’s Takeaway
Tesla’s ascension as the most held stock on Robinhood underscores a broader shift in retail investor preferences. Enthusiasm for AI-driven growth, Musk’s expansive vision, and Tesla’s strategic diversification have energized small investors. However, Wood’s forecast rests on unproven robotaxi revenues, and Tesla’s sky-high valuation poses significant risk. As always, investors should balance visionary potential with execution realities.
