Tesla Postponing Its AI Day to September 30, TSLA Shares Close 4.68% Up

UTC by Benjamin Godfrey · 3 min read
Tesla Postponing Its AI Day to September 30, TSLA Shares Close 4.68% Up
Photo: Depositphotos

Tesla as one of the highest valued tech stocks in the United States has taken a very massive beating in recent times, plunging by as much as 27% in the year-to-date period.

American electric vehicle giant Tesla Inc (NASDAQ: TSLA) will not be holding the second edition of its Artificial Intelligence (AI) Day until September 30 as announced by Chief Executive Officer Elon Musk. The update to hold the AI Day in late September instead of on August 19 as shared by Musk about 2 weeks ago was contained in a tweet where he said the prototype for the company’s AI project – Optimus – might be ready by then.

Tesla AI Day

Optimus is being designed as a Humanoid robot that will seek to address the labor shortages around the world. The robot will be able to conduct small or petty tasks within the factory including the lifting of items from one point to the other.

“Optimus could eventually address global shortages of labor, and in the short term might be able to carry items around a factory,” Musk had said in January.

Should the timeline that the Austin, Texas-based company is working on work out as planned, the Optimus product is billed to hit the markets next year. The Tesla AI Day is fast becoming a mainstream event for the electric vehicle maker as it uses it as an avenue to attract the best chip and AI talents to join its ranks.

Tesla Stock Rebalancing

Tesla as one of the highest valued tech stocks in the United States has taken a very massive beating in recent times, plunging by as much as 27% in the year-to-date period. Amidst these realities born by harsh macroeconomic conditions, Tesla shares closed in the positive region on Thursday, rising 4.68% by the close of trading as investors draw on numerous metrics.

The company, succumbing to unreliable global supply chain and logistics challenges has announced it will be delaying the deliveries of its long-range crossover vehicles. As reported by The Motley Fool, the company will not be fit to ship some of the orders for these classes of products made today until February 2023.

Despite the fact that this appears to be a piece of bad news for the company, interested customers will find it fairly challenging to patronize other Tesla competitors as they are all plagued by the same supply chain constraints. The delayed deliveries have, however, been seen as a good one for the company as it will focus on its most profitable auto units with the flexibility of scaling up the volume when the conditions are better.

The events surrounding Tesla are currently being seen as a perfect way to embrace the stock by a select class of investors with retail investors from South Korea favoring the stock remarkably well.

As Bloomberg reported, there are as many as $12.7 billion Tesla shares being held by Korean investors, making them the largest shareholder group after Elon Musk. With local economy not favoring the stock market, a bet on volatile overseas stock is an ideal way to likely count some gains.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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