Artificial Intelligence

Bitcoin

Tesla, the pioneering Electric Vehicle (EV) manufacturer, <a href="https://digitalassets.tesla.com/tesla-contents/image/upload/IR/TSLA-Q3-2023-Update-3.pdf" rel="noopener noreferrer nofollow">revealed in its latest financial report </a>that it had held onto its substantial Bitcoin holdings for the fifth consecutive quarter. Furthermore, the company announced a significant boost in its investment in Artificial Intelligence (AI) and Research and Development (R&amp;D) endeavors.
<h2 id="b-tesla-inc-s-bitcoin-holdings-remain-unchanged-b">Tesla Inc’s Bitcoin Holdings Remain Unchanged</h2>
In March 2021, Tesla made headlines when it announced a substantial investment of $1.5 billion in Bitcoin. The move was a significant financial maneuver and a strong statement <a href="https://thecoinrise.com/tesla-to-reconsider-bitcoin-payments-in-the-near-future/" rel="noopener noreferrer nofollow">regarding the mainstream acceptance of cryptocurrencies</a>.&nbsp;
Fast forward to September 30, 2023, and Tesla’s Bitcoin holdings remained steadfast at $184 million, making up a portion of its original investment. This consistent approach to crypto was in stark contrast to Tesla’s previous actions, which included a high-profile Bitcoin sell-off in Q2 2022.
In Q2 2022, <a href="https://thecoinrise.com/tesla-dumps-75-of-its-total-bitcoin-holdings/" rel="noopener noreferrer nofollow">Tesla disposed of approximately 75% of its Bitcoin holdings</a>, fetching an impressive $936 million for over 30,000 BTC.&nbsp;
<h2 id="b-tesla-ramping-up-ai-and-rd-b">Tesla Ramping Up AI and R&amp;D</h2>
While Tesla’s Bitcoin holdings remained static, the company made significant strides in AI and computing capabilities. The Q3 report revealed that Tesla had “more than doubled the size” of its computing power, primarily directed toward enhancing its AI projects. This expansion was necessitated by the growing complexity of training datasets and the transition of its humanoid robot, Optimus, from traditional coded software to AI-driven programming.
Tesla’s commitment to AI development is evident in the company’s statement: “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.”
As AI continues to shape the future of the automotive industry, Tesla’s investment in this technology is a strategic move that positions the company at the forefront of innovation.
<h2 id="b-tesla-s-financial-results-b">Tesla’s Financial Results</h2>
However, Tesla’s Q3 performance did not fully meet the expectations of Wall Street analysts. The company reported total revenues of $23.35 billion, a nearly 9% increase from the same period in the previous year.&nbsp;
Nevertheless, it fell short of Zacks Investment Research’s revenue estimate of $24.38 billion. Similarly, Tesla’s Earnings Per Share (EPS) of $0.66 missed the mark compared to Zack’s $0.72 EPS estimate.
One significant factor contributing to the lower-than-expected earnings was the increase in operating expenses. Tesla’s total operating expenses hit $2.41 billion in Q3, a more than 13% increase from the previous quarter and a 42.5% increase from the previous year.
The post <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com/tesla-maintains-bitcoin-holdings-amid-ai-expansion-in-q3-2023/">Tesla Maintains Bitcoin Holdings Amid AI Expansion in Q3 2023</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Tesla Maintains Bitcoin Holdings Amid AI Expansion in Q3 2023

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