Tech stocks have started 2023 with a bang, thanks to investors' growing expectation that the Federal Reserve will have to abandon hikes and start cutting interest rates later this year to support the US economy. Equities tend to rally when interest rates fall, because a lower cost of borrowing boosts the future cash flows that make up part of companies' valuations.
Lucid's share price has fluctuated wildly since it joined the Nasdaq via merging with the Churchill Capital IVin February 2021. It reached an all-time high of $58.05 shortly after that deal was announced, but it has tended to hover at around the $10 level it first listed for.
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