Tesla rises as Musk touts new AI chip development
Shares of Tesla TSLA.O rise 7% to $418.13 on Monday after CEO Elon Musk said the EV maker plans to expand its AI chip development
TSLA is on track for biggest daily pct gain since Sept. 12
"Most people don’t know that Tesla has had an advanced AI chip and board engineering team for many years," Musk said on his X platform on Sunday. "The current version in cars is AI4, we are close to taping out AI5 and are starting work on AI6. Our goal is to bring a new AI chip design to volume production every 12 months. We expect to build chips at higher volumes ultimately than all other AI chips combined"
TSLA's AI chief Ashok Elluswamy corroborated Musk's statement
Among 55 analysts covering TSLA, avg rating is "hold" and median PT is $410
TSLA is up 3.7% YTD vs NASDAQ Composite Index's .IXIC 18.1% increase
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