General Motors moves listing from NYSE to Nasdaq and pitches itself as a tech company

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General Motors’ decision to up and move its stock listing from the NYSE to the Nasdaq — a bid for inclusion in the latter’s tech-heavy index, which would bring new investors to its stock — doesn’t mean it’s a tech company.
The carmaker famously failed in its foray into self-driving cars with Cruise, into which it poured more than $10 billion with little to show. GM’s on-again, off-again relationship with electric vehicles has left customers, investors, and its own employees confused about the company’s strategy. On Tuesday, hours after repositioning itself as a tech company, Reuters reported that the carmaker plans to, yet again, retool some of its factories to introduce new hybrid versions of its popular three-row SUVs.
Yes, GM is pushing out AI features, including an assistant that can control vehicle functions, answer questions, and help plan routes. But Wall Street remains skeptical: Despite the 5% share pop on Tuesday, GM still trades at a legacy automaker valuation rather than a Big Tech multiple. Walmart made the switch from NYSE to Nasdaq last year, a move meant to deliver $19 billion of index-fund money into its shares. Hilton, too, announced its move to Nasdaq last week.

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