Ark Invest's Cathie Wood says the best way to 'cash in' on AI is through Tesla
Per Business Insider
Cathie Wood announced that the best way to "cash in" on AI is through Tesla. While Elon Musk's EV company has been dropping, Woods has decided to purchase more stock, capitalizing on the lower price.
The Ark Invest CEO expects that Tesla's share price could multiply by 8 in the next five years. Woods remained bullish on Tesla as the popularity of artificial intelligence tech like ChatGPT is surfacing.
In a statement to Bloomberg TV, Wood shared how Tesla was actually one of the "most profound AI companies," and because of that, Ark Invest is bullish on Elon Musk's EV company.
Wood: "Actually Tesla is one of the most profound AI companies out there – that's why it's at the top of ARKK, ARKQ, ARKW has a big position in it as well... It is not an auto company, it is a technology company."
The Ark Invest CEO then shared how AI is one of those technologies that show how the world is changing and how the company's portfolio is focused on the future. Woods shared how ChatGPT really took the public's eye.
Wood: "The Nasdaq and other broad-based benchmarks are much more traditional – really, the names at the top of those portfolios are the companies that have done incredibly well over the years,"
Woods also shared how a lot of companies are already being disrupted with Google, and search already being questioned. The Ark Invest CEO shared how they believe in the future of autonomous taxi platforms.
While other companies were laying off people in 2022, Tesla grew its staff numbers by 23% despite its stock dropping by 65%. This meant the addition o 28,565 employees throughout the year.
Towards the end of 2022, Tesla decided to scale back on its solar division by canceling solar projects. This came despite Tesla achieving a record US residential solar growth in the year's second quarter, up by 13% year-over-year.
See flow at unusualwhales.com/flow.
Other News:
- Tesla Grew Employees by 23% in 2022 Despite Stock Dropping by 65%: Tech Sector Layoffs Increase
- Tesla Scales Back Solar Division by Canceling Solar Projects
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