Electric car maker Tesla made no adjustments to its sizeable Bitcoin (BTC) holdings for the fifth quarter in a row. However, it has directed extra funds to double its computing capability amid synthetic intelligence (AI) efforts.
The newest quarterly outcomes imply it hadn’t purchased or bought any Bitcoin since its sell-off of round 75% of its holdings in Q2 2022 when it fetched $936 million for greater than 30,000 BTC.
On the opposite 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.
“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.”
Tesla saw its third-quarter earnings 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 additionally missed projected income, with reported earnings per share (EPS) of $0.66 in comparison with Zack’s $0.72 EPS estimate.
Total third-quarter working bills got here in at $2.41 billion, marking greater than a 13% improve from final quarter and over a 42.5% improve from the prior 12 months.
Tesla’s analysis and growth bills have been $1.16 billion within the quarter, a 58% soar from final 12 months. It attributed the will increase to its “Cybertruck, AI and other R&D projects.”
Tesla shares have been down almost 4.8% on the day, closing at $242.68 and fell an extra 4.25% in after-hours buying and selling to $232.37 per Google Finance data.