Complacent investors have been hit with a reality check on tech stocks this week.

Momentum favorite Palantir (PLTR) getting drilled again today. Nvidia (NVDA) is seeing mixed action.

Queue the tech stock correction chatter!

“Investors worry the tech rally is due for a pullback/correction with the constant valuation arguments front and center,” Wedbush analyst Dan Ives explained. “Adding to the agitation on the Street around the tech trade is a lot of moving parts around tariffs, chips into China, Intel/US Government stake, and what this all means for tech stocks looking ahead.”

Ives added, “We view tech sell-offs like yesterday as opportunities to own the core winners.”

That bullish thesis may be put further to the test in the coming sessions.

The Wall Street Journal reported today that billionaire Elon Musk is pulling back on his desire to create the America Party as he focuses on his many companies.

That sent me snooping for some fresh analyst coverage on Tesla (TSLA).

William Blair analyst Jed Dorsheimer apparently spent last week in Austin, Texas, riding around in Tesla’s new robotaxis. He said the robotaxi offers “a glimpse into the future.” He values the robotaxi business at $298 per share, based on its operating profit potential, and has a price target of $357 on the stock.

Here is how Dorsheimer thinks through the valuation:

“Our robotaxi model through 2040 assumes total rideshare miles of 1.1 trillion per year (one-third of total miles driven in the U.S. per year), with average price per mile reducing from $2.50 to $1.25, estimating a total addressable market (TAM) of $1.4 trillion. Tesla has the ability to leverage its lower cost structure and weaponize pricing — charging 50% less per mile, it can still achieve near 60% EBITDA margins. We expect Tesla to win 35% market share versus competitors Waymo at 15%, Uber (UBER) at 38%, and Lyft (LYFT) at 13%, generating almost $250 billion in revenue in 2040. After discounting the robotaxi EBITDA of $145 billion at 8.5% discount rate, we estimate an implied value of Tesla’s robotaxi business at $298.61 per share, energy business at $30.73 per share, and auto business at $28.09 per share, totaling an implied fair value of $357.43 per share.”

Target (TGT) is tapping homegrown talent as its next CEO at one of the most pivotal moments in its 63-year history.

The discounter announced that longtime CEO Brian Cornell’s heavily groomed No. 2, Michael Fiddelke, will take over as CEO on Feb. 1, 2026. Cornell, who has been CEO of Target since August 2014, will slide into the executive chair position for an undetermined period of time. Fiddelke joined Target in 2003 as an intern and rose through the ranks to CFO and then COO.