The key to Tesla’s biggest-ever winning streak could lie in artificial intelligence, according to top auto analyst Adam Jonas. “Tesla’s stock could be volatile, but its recent rally has set a record for the most consecutive days of gains in the stock price,” Morgan Stanley’s Jonas said in a note Tuesday. Macro/factor driven, or AI driven? We think the market wants to believe Tesla is an AI brand first, and an auto company second.” TSLA YTD mountain Tesla stock YTD Tesla is currently on its longest winning streak since its public debut , like other stocks not even related to artificial intelligence, investor interest is surging. Nvidia is up 186% this year and Apple is up 41%. Shares of Microsoft also jumped 40%. Meta is up 127%. “Auto investors are typically very good at ‘attaching’ the stock narrative to the theme of the day. Today, it’s all about artificial intelligence,” Jonas wrote in a June 5 note. “While we sympathize with how people describe Tesla as an AI company, we still see it more as an auto company with an irrefutable AI bull case.” The sky is up, and it’s still going up. The EV company has had a winning streak of eight days or more on only eight other occasions. Those streaks correspond with double-digit percentage gains, but the stock’s performance after the close could be choppy, Jonas said. A month after the winning streak ended, Tesla stock has outperformed the S&P 500 by a median of 3.4%. However, after the three-month winning streak ended, Tesla shares lagged the broader market index by a median of 13.8%. In fact, Tesla shares have soared past Jonas’ base price target of $200, implying the stock could fall 20% from Tuesday’s closing price of $258.71 per share. That said, the stock is also fast approaching analysts’ bull case of $390, which is actually 50% above Tuesday’s close. This bull case is actually close to Tesla’s November 2021 all-time high, fueled by a general rally in the stock market. Tesla shares were flat on Wednesday. — CNBC’s Michael Bloom contributed to this report. Correction: This story has been updated to reflect that Tesla’s sequential growth corresponds with double-digit percentage growth, Jonas said.