Tesla's stock has experienced significant declines, making it the worst-performing stock in the S&P 500 for the year 2024, with a decrease of -34.5%, surpassing even Boeing, which has faced its own set of challenges with a -27.5% drop. Tesla shares have seen a premarket loss of 2.6% and an additional drop of 4.5%. This downturn is attributed to various factors, including competition in the AI software domain, as companies like Intel, Qualcomm, and Google plan to challenge Tesla's dominance through the UXL Foundation. Nvidia, another tech giant, also saw its shares decline by 3.3% and 1.2% premarket after the news. The situation reflects a tough year for Tesla, with its stock slump being highlighted as a significant downturn, making it a less desirable company to be associated with, especially when compared to its past performance.