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Apple Is Picking Up Speed on Elon Musk's Tesla

Tesla Motors Inc. (TSLA) boss Elon Musk should keep an eye on Tim Cook and Apple Inc. (AAPL) in his rear-view mirror, Morgan Stanley analyst Adam Jonas suggested in a Wednesday note.

"Apple CEO Tim Cook views autonomous cars as the 'mother of all AI projects' and 'a core technology,'" Jonas wrote, citing a Bloomberg interview about the iPhone maker's ambitions in self-driving cars. "We think Tesla investors must prepare for serious competition for talent and investment capital in this market."

Despite the warning's about the potential challenge from Apple, shares of Tesla gained 1.4% to $381.25 on Wednesday afternoon. Apple dropped 0.6% to $145.67.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable...