Tesla Holds on to its Bitcoin, But Doubles Computing Power for AI Projects

Tesla Reports Earnings Company Spends Big on AI, Maintains Separate Bitcoin Reserves

Tesla’s earnings report reveals that the company has invested in AI technology, while leaving its Bitcoin holdings untouched.

In a move as predictable as Elon Musk’s Twitter shenanigans, Tesla has once again held on to its significant Bitcoin holdings in the latest quarter. It’s starting to feel like Groundhog Day, folks. But don’t worry, Tesla has managed to spice things up by pouring more funds into doubling its computing capacity. You see, they’re not just about electric vehicles anymore – they’re all in on artificial intelligence.

According to Tesla’s Q3 2023 results, released on October 18th, they still have a whopping $184 million worth of those digital assets we call Bitcoin. That’s just a sliver of the $1.5 billion worth they bought back in March 2021. It seems they’re hoping to ride the Bitcoin wave to Mars and back. Maybe we’ll see a Tesla spacecraft powered by Bitcoin in the near future. You never know with Musk.

Now, here’s the real news. Brace yourselves. Tesla hasn’t bought or sold a single Bitcoin since its epic sell-off in Q2 2022. Back then, they got rid of about 75% of their holdings and scored a cool $936 million in return. Can you imagine having that much Bitcoin to play with? It’s like having a magic Bitcoin money tree, constantly sprouting cash. But alas, Tesla has decided to take a break from buying and selling the world’s favorite digital currency. Maybe they’re just savoring the flavor like a fine wine.

Oh, but wait, there’s more! Tesla has decided to switch things up by flexing their AI muscles. They proudly announced that they’ve “more than doubled the size” of their computing power for their AI projects. It’s like they’re entering the crypto colosseum, ready to do battle with the blockchain beasts. With a growing training data set and the training of their humanoid robot Optimus now in the hands of AI, Tesla’s computing power is soaring higher than a SpaceX rocket. They’ve even commissioned one of the world’s largest supercomputers. Move over, Skynet, Tesla is taking over the AI game.

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But, folks, it’s not all sunshine and roses for our favorite electric vehicle company. Tesla’s Q3 earnings and profits fell short of Wall Street’s expectations. They reported total revenues of $23.35 billion, which is not too shabby, but it missed Zacks Investment Research’s estimate of $24.38 billion. A swing and a miss. Plus, their reported earnings per share (EPS) was $0.66, compared to Zack’s estimate of $0.72. Elon, it’s time to call in the financial cavalry.

And the expenses? Well, they’re rising faster than a Tesla Model S in Ludicrous mode. Total operating expenses for the third quarter came in at a whopping $2.41 billion. That’s a 13% increase from last quarter and a sky-high 42.5% increase from the previous year. It seems like Tesla is going all-in on those Cybertruck fantasies, AI dreams, and other R&D projects. They’re spending money like it’s going out of style.

As a result of these underwhelming financials, Tesla shares took a bit of a beating. They were down nearly 4.8% on the day and closed at $242.68. Ouch! And the pain didn’t stop there. After-hours trading saw them drop even further to $232.37. It’s like Tesla shares went on a rollercoaster ride, with investors holding on for dear life. Buckle up, folks, it’s going to be a wild ride.

So, dear digital asset investors, it seems like Tesla is sticking to its Bitcoin stash like glue, while simultaneously flexing its AI muscles. Will this wild ride ever end? Only time will tell. In the meantime, let’s sit back, grab some popcorn, and enjoy the Tesla show. Because with Elon Musk at the helm, you never know what surprises await us.

Hey there, fellow investors! Are you feeling the Tesla rollercoaster ride? Share your thoughts and let’s have a virtual chat about it. And remember, always buckle up for those wild crypto adventures!

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