Home Lifestyle The tech stock AI boom: ‘crazy times’, says Elon Musk

The tech stock AI boom: ‘crazy times’, says Elon Musk

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Elon Musk innocently questioned the same technological rise that nearly doubled his fortune this year, pointing to the unprecedented nature of the latest technological boom, when investor enthusiasm for artificial intelligence knew little bounds.

“crazy times” answered Elon Musk On a tweet on Tuesday, July 18th, recalling that $127 billion of the additional market capitalization Microsoft and Nvidia acquired in one day. This strong rise is due to the positive development of AI for the tech giant, as Microsoft has rolled out new AI capabilities within its software and cloud services.

On Wednesday, July 19, Microsoft and Nvidia share prices hit an all-time high. Since the ChatGPT chatbot debuted in November 2022, the two companies have scored an overall rating of $1.5 trillion.

It’s not uncommon for Elon Musk to share memes or react to posts on Twitter, but his statement on Tuesday was especially startling given that Tesla stock has also skyrocketed in recent months, largely on rising hopes about its ability to capitalize on the artificial intelligence craze.

She owns shares of Tesla increased by more than 170% Since the start of the year as Elon Musk’s electric vehicle business benefits from general optimism about technology, resilience in auto sales and optimism about artificial intelligence, a “key” part of Tesla’s growth, according to Wedbush analysts led by Dan Ives.

Although Elon Musk did not explicitly mention the Tesla acquisition, he downplayed previous stock gains, declaring In May 2020, he believed that Tesla’s share price was “too high”, which led to an outcry 10% decrease during the day for work.

Tesla’s primary use case for AI is autopilot self-driving software, but its ambitions in this area extend to creating humanoid robots designed to perform “dangerous, repetitive, or tedious tasks.” Elon Musk, co-founder of OpenAI, creator of ChatGPT, has launched his own company, xAI, focused exclusively on this technology. Tesla, Nvidia, Microsoft and other four largest US technology companies have acquired some of it $4.1 trillion at market value during the first six months of 2023.

Adam Jonas, an analyst at Morgan Stanley, said last month that while it’s fair to classify Tesla as an AI company, the automaker isn’t in the best position to turn a profit in the short term, unlike AI manufacturers like Nvidia. “While the market may want to daydream on the subject of AI, we are preparing to wake up to the sound of a car horn screeching,” Adam Jonas writes.

with a fortune $260 billionElon Musk is by far the richest person in the world. According to estimates Forbeswon more than $110 billion this year. His net worth has peaked at 320 billion dollars In November 2021, when Tesla stock was trading at a split price above $400.

Tesla released its results for the second quarter on Wednesday afternoon. Shares have risen an average of 7.5% in the 10 days since they posted their last 10 results.

Translated article from the American magazine Forbes – Author: Derek Saul

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