Optimus

Bitcoin

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 Tesla held onto its sizeable Bitcoin bags in the third quarter and upped its spending on artificial intelligence and research and development.
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 Electric vehicle maker Tesla&nbsp; made no changes to its sizeable Bitcoin (BTC) holdings — the fifth quarter in a row — though it has directed more funds to double its computing capacity amid artificial intelligence efforts.
 Tesla’s Q3 2023 results released on Oct. 18 show as of Sept. 30, it held $184 million worth of digital assets — a portion of the $1.5 billion worth of Bitcoin it first bought in March 2021.
 The latest quarterly results mean it hasn’t bought or sold any Bitcoin since its sell-off of around 75% of its holdings in Q2 2022 when it fetched $936 million for more than 30,000 BTC.
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/19/07d50dc1dd8e9bec1c2874fdd2917acd.webp">
 <figcaption style="text-align: center;">Excerpt of Tesla’s Q3 2023 balance sheet with its digital asset holdings highlighted. Source: Tesla
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 On the other hand, Tesla reported it had “more than doubled the size” of its computing power for its AI projects, citing a growing training data set and switching the training of its humanoid robot Optimus to AI rather than coded software.
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 “We have commissioned one of the world’s largest supercomputers to accelerate the pace of our AI development, with compute capacity more than doubling compared to Q2.”
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 Tesla saw its third-quarter <a rel="noopener noreferrer nofollow" title="earnings" href="https://thebittimes.com/tag/earnings.html">earnings</a> and profits miss Wall Street estimates, with reported total revenues of $23.35 billion. While this was up by nearly 9% from the prior-year period, it missed Zacks Investment Research’s estimate of $24.38 billion.
 It also missed projected profits, with reported <a rel="noopener noreferrer nofollow" title="earnings" href="https://thebittimes.com/tag/earnings.html">earnings</a> per share (EPS) of $0.66 compared to Zack’s $0.72 EPS estimate.
 Total third-quarter operating expenses came in at $2.41 billion, marking more than a 13% increase from last quarter and over a 42.5% increase from the prior year.
 Related: Bitcoin clean energy usage reportedly exceeds 50% — Will Tesla start accepting BTC payments?
 Tesla’s research and development expenses were $1.16 billion in the quarter, a 58% jump from last year. It attributed the increases to its “Cybertruck, AI and other R&amp;D projects.”
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/19/1b213993f0fdce28eeb014076aa46649.webp">
 <figcaption style="text-align: center;">Tesla (TSLA) shares continued to fall after the bell to a low of $230.19. Source: Google Finance
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 Tesla shares were down nearly 4.8% on the day, closing at $242.68 and fell a further 4.25% in after-hours trading to $232.37 per Google Finance data.
 Magazine: NFT Collector: Creative AI art, Tomorrowland sells tomorrow’s future
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/tesla-earnings-bitcoin-bags-untouched-as-firm-splashes-out-on-ai-tbt66914.html">https://thebittimes.com/tesla-earnings-bitcoin-bags-untouched-as-firm-splashes-out-on-ai-tbt66914.html</a>

Tesla earnings: Bitcoin bags untouched as firm splashes out on AI

TheBitTimes

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