Tesla Inc (NASDAQ: TSLA) opened in the green this morning after Cathie Wood said it was a top name for exposure to artificial intelligence.
Wood’s bull case for Tesla stock
In particular, the influential investor is convinced that autonomous vehicles will be transformative for the Austin-headquartered firm.
We think Tesla Inc is the biggest AI play out there, the biggest beneficiary. Autonomous vehicles are robots. They will be electric and they will be powered by artificial intelligence.
She is keeping super bullish on the electric vehicles company even though it took a significant blow to margins in its first financial quarter as Invezz reported here.
Her view is in line with Wall Street that currently has a consensus “overweight” rating on Tesla stock that’s still down nearly 15% versus its year-to-date high at writing.
Wood’s price objective on the AI stock
Cathie Wood likes Tesla stock as CEO Elon Musk is committed to three key areas that she expects will grow exponentially in the coming years – energy storage, robotics, and artificial intelligence.
Each one of these is growing exponentially, and then you have them feeding each other. So, S-curves feeding S-curves … this could be explosive growth.
The Founder and CEO of Ark Invest expects autonomous taxi business to be generating between $8.0 trillion and $10 trillion in revenue globally by the end of this decade.
The post Tesla stock is ‘biggest beneficiary’ of artificial intelligence: Cathie Wood appeared first on Invezz.